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Aug 15 (Reuters) - AIM-listed Zanaga Iron Ore Co has been granted a mining licence for its Republic of Congojoint venture with Glencore, the company said onFriday, sending its shares up 8 percent.
The company's main mining project, to be developed in twostages, aims to harness one of the largest iron ore deposits inAfrica and Zanaga said the licence will allow it to mine for aninitial period of 25 years.
The licence can be renewed for 15-year periods, subject tofurther applications, Zanaga added.
Zanaga expects the project located in the southwest of theRepublic of Congo, about 155 miles northwest of the capitalBrazzaville, to mine 30 million tonnes a year of high-grade ironore concentrate over 30 years.
The company, which has a market capitalisation of $80million, also said it signed a mining convention with thegovernment, setting out financial and legal terms related to theconstruction and operation of the project.
"This is a huge tick in the box and Zanaga can now press onwith financing discussions with renewed confidence," NumisSecurities analysts said in a note.
Zanaga Iron Ore owns 50 percent less one share in theproject through its joint venture with miner and commoditiestrader Glencore.
Shares in Zanaga, which is incorporated in the BritishVirgin Islands, were trading at 18.6 pence at 0716 GMT on theLondon Stock Exchange on Friday. (Reporting by Karen Rebelo in Bangalore; Editing by DavidGoodman)
