Business
Zanaga Proj. advances on Staged Development basis
Zanaga Proj. advances on Staged Development basis.
About this update from Zanaga Iron Ore Co. Ltd.
[{"type":"text","content":"\n \nRNS Number : 9049N Zanaga Iron Ore Company Ltd 13 September 2013 \n \n\n13 September 2013\n \nBaar, Switzerland & London, England\n \nZanaga Iron Ore Project advances on Staged Development basis\n \nGlencore Xstrata (\"Glencore\") and Zanaga Iron Ore Company (\"ZIOC\") (AIM:ZIOC) are pleased to announce a revised scope for the Zanaga Iron Ore Project (\"the Project\"), changed budgetary arrangements and the commencement of efforts to finance possible project implementation.\nThe Project Feasibility Study is now being advanced on the basis of a staged development, substantially reducing the initial capital requirement and including the potential for initial production using existing infrastructure.\nThe Project is working closely with the Republic of Congo Government to advance its development and support the Government's objectives for infrastructure and mining development in the country. The Feasibility Study will be completed in 2Q 2014, and will then form the basis for an application to the Republic of Congo Government for a Mining Exploitation Licence. Any investment decision for the Project would follow the conclusion of the Feasibility Study.\nThe decision to proceed in a staged manner significantly enhances the financeability of the Project. As a result ZIOC has agreed to contribute to the budget and work programme which has been extended to Dec 2014.\nGlencore and ZIOC have also agreed to jointly explore funding options with a view to attracting third party debt and equity financing for potential project implementation.\n \nFor further information related to Zanaga Iron Ore Company:\n \nZanaga Iron Ore \nCorporate Development and Investor Relations Manager\nAndrew Trahar\nt: +44 (0) 20 7399 1105\ne: [email protected]\n \nLiberum Capital Limited\nNominated Adviser and Fin...