Business
Interim Results for the Six Months to 30 June 2014
Interim Results for the Six Months to 30 June 2014.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 0433T Zanaga Iron Ore Company Ltd 30 September 2014 \n\n30 September 2014\n \n \n \nINTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2014\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 2014.\nHighlights\n· Feasibility Study completed in April 2014, confirming attractive project economics \no Stage One 12Mtpa initial operation\n§ US$32/dmt FOB bottom quartile operating costs including royalty\n§ US$2.2bn capital expenditure\n§ Premium quality 66% Fe content iron ore pellet feed product\no Stage Two expansion to 30Mtpa operation\n§ US$2.5bn capital expenditure for additional 18Mtpa production\n§ US$26/dmt FOB bottom quartile operating costs including royalty\n§ Premium quality 67.5% Fe content iron ore pellet feed product\n· Announcement of Ore Reserve for Staged Development Project, including maiden Proved Ore Reserve\no Total Ore Reserves of 2,070Mt at 33.9% Fe\no Proved Ore Reserves of 774Mt at 37.3% Fe\n· Social Environmental Impact Assessment completed and Environmental Permit application for Stage One lodged with the Ministry of Environment\n· Mining Licence issued\n· Mining Convention signed\n· Cash balance of US$17.6 million, as at 30 June 2014 \nClifford Elphick, Non-Executive Chairman of ZIOC, commented:\n\"The first half of 2014 saw tremendous progress on the Zanaga Project, with the completion of the Feasibility Study, which confirmed attractive project economics. Shortly thereafter, we were delighted that the Project received its Mining Licence and that a Mining Convention has been signed which establishes the fiscal and legal framework for the project. \nThe development of this world class iron ore project, underpinned by one of the largest iron ore deposits in Africa, is advancing as planned and, critically, sets itself apart in the industry as a low cost iron ore project capable of delivering high quality iron ore product.\"\n \nCopies of the unaudited interim results for the six months ended 30 June 2014 are available on the Company's website at www.zanagairon.com.\n \nNote: Mineral Resources are inclusive of Reserves. Mineral Reserves and Resource referr...