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(Sharecast News) - Zanaga Iron Ore Company announced on Tuesday that it has agreed with Glencore to extend the repayment date of its loan facility.
The AIM-traded firm said the loan, originally established on 29 June 2022, provided funding directly to Jumelles by Glencore to support ongoing working capital needs for initiatives at the Zanaga Project.
It said the agreement initially allowed for funding up to $1.8m, with a repayment deadline set for 31 December 2023.
However, in light of recent developments, ZIOC and Glencore agreed to extend the repayment date to 31 March 2024.
To date, ZIOC has repaid $0.46m of the facility, leaving an outstanding balance of $1.39m, including accrued interest.
"I am pleased to report that ZIOC has already partially repaid the Glencore loan, and continues to receive the support of Glencore going forward through the extension of the loan repayment date," said chairman Clifford Elphick.
"ZIOC is pleased with the ongoing progress being made in advancing discussions with potential partners, and as part of ZIOC's strategic objectives has already recently concluded a memorandum of understanding relating to power solutions for the Zanaga Project.
"We look forward to progressing further strategic initiatives in early 2024."
At 1418 GMT, Zanaga Iron Ore Company shares were down 3.44% at 9.66p.
Reporting by Josh White for Sharecast.com.
