Business
Interim results for the six months to 30 June 2013
Interim results for the six months to 30 June 2013.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 1836P Zanaga Iron Ore Company Ltd 30 September 2013 \n \n\n30 September 2013\n \n \n \nINTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2013\n \nZanaga Iron Ore Company Limited (\"ZIOC\" or the \"Company\") (AIM: ZIOC) is pleased to announce its unaudited interim results for the six months ended 30 June 2013.\n \nHighlights\n· Zanaga Iron Ore Project, Republic of Congo - world class iron ore Reserves & Resources\n- Overall Mineral Resource of 6.8Bt at 32.0% Fe\n- Probable Ore Reserves of 2.5Bt at 34% Fe\n· Staged Development Scope announced\n· Feasibility Study (\"FS\") now advancing on revised Staged Development Scope basis\n· Social and Environmental Impact Assessment underway (\"SEIA\")\n· Application for Mining Licence on schedule for Q2 2014, to be supported by FS & SEIA\n· Joint Venture Agreement (\"JVA\") with Glencore Xstrata (\"Glencore\") amended to reflect Staged Development Scope\n· Joint Project Funding search with Glencore to seek development finance\n· Cash balance of US$35.1 million, as at 30 June 2013 \n \nClifford Elphick, Non-Executive Chairman of ZIOC, commented:\n\"The opportunity for staged development enhances the ability to finance the Project and represents a significant opportunity for ZIOC alongside its partner Glencore. Reducing initial capital expenditure, whilst maintaining attractive operating costs is key to delivering value in the current market environment. The Project continues to offer the prospect of a low cost, long life and expandable operation capable of producing a premium, high-quality iron ore product.\"\n \nCopies of the unaudited interim results for the six months ended 30 June 2013 are available on the Company's website at www.zanagairon.com.\n \nNote: Mineral Resources are inclusive of Reserves. Mineral Reserves and Resource referred to above, announced by ZIOC on 4 September 2012 and 1 November 2012 is consistent with the terms and definitions included in the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2004 edition).\n \n \n\n\n \nFor further information please contact:\n \nZanaga Iron Ore &nb...