Business
Mining Convention Ratification
Mining Convention Ratification.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 5666C Zanaga Iron Ore Company Ltd 29 June 2016 \n\n29 June 2016\n \nMining Convention Ratification for Zanaga Iron Ore Project\n \nZanaga Iron Ore Company Limited (\"ZIOC\") (AIM:ZIOC) is pleased to announce that the Zanaga Iron Ore Project (the \"Zanaga Project\"), a joint venture with Glencore plc, has had its Mine Operating Agreement (\"the Mining Convention\") adopted as a law of the Republic of Congo (\"RoC\").\nThe Mining Convention covers the proposed staged development of the Zanaga Project and sets out the fiscal and legal terms with respect to the construction and operation of the Zanaga Project pursuant to its Mining Licence.\nWith effect from 20 May 2016, the Mining Convention has been promulgated as a law of the RoC (Law No 15-2016 of 29 April 2016), following ratification by the Parliament of the RoC and publication in the Official Gazette on 28 June 2016.\nThe ratification of the Mining Convention and its adoption as law is a significant milestone for the permitting of the Zanaga Project; it confirms, as a legal act, the provisions relating to the development and operation of the Project.\nThe Zanaga Project team continues to be engaged in advancing other key permits and agreements which are part of the ongoing process of establishing the operating framework for the Project. \n \nClifford Elphick, Non-Executive Chairman of ZIOC, commented: \"I am delighted that the Zanaga Project has now had its Mining Convention approved and adopted as law. We believe this further demonstrates the Government of the Republic of Congo's support for the development of the country's mining sector and is testament to the Project's strong stakeholder relations.\n \nThis world class iron ore project has the potential to have a significant beneficial impact on the RoC, both at the grassroots level around the Project site, as well as more broadly on the country's infrastructure and economy.\n \nThe Mining Convention, which establishes the Project's fiscal and operating regime, is now confirmed as an act of law. Such confirmation is expected to be well received by potential financial investors and lenders as the Project navigates the current challenges of the iron ore market.\"\n \n \nKey terms of the Mining Convention\n \nDuration of Mining Licence\n· ...