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Zanaga Iron Ore Co Ltd - iron ore miner focused on Republic of Congo - Reports a marginally widened pretax loss for 2019 of USD1.88 million compared with USD1.86 million in 2018. No revenue generated in either financial periods. Administrative expenses rise year-on-year to USD1.2 million from USD1.1 million. Concept study on Zanaga iron ore project indicates that there is potential to achieve significantly improved economics through the reduction of upfront capital costs relating to the transportation of Zanaga iron ore product at the coast, leading to enhanced internal rate of return. No material impact from Covid-19 pandemic. Cash balance of USD0.8 million at December 31 and a cash balance of USD0.4 million at May 31.
Current stock price: 5.90 pence
Year-to-date change: down 30%
By Tapan Panchal; tapanpanchal@alliancenews.com
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