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(Sharecast News) - Zanaga Iron Ore Company announced on Wednesday that a framework agreement has been entered into between China Overseas Infrastructure Development And Investment Corporation (COIDIC) and Jumelles, which is a joint venture company between Zanaga and Glencore.
The AIM-traded firm said the agreement would allow for potential cooperation between them over mining related infrastructure for the Zanaga Iron Ore Project in the Republic of the Congo.
It said the agreement reflected the intention of the parties to explore cooperation opportunities for progressing the infrastructure and financing requirements for the Zanaga project, both in the near-term and longer-term, and its integration with objectives of the Pointe-Noire Special Economic Zone, as well as other opportunities relating to the development of the Zanaga project.
The board said the framework agreement outlined the process for cooperation between the parties in the development of mining-related infrastructure for the Zanaga Project.
It said the infrastructure to be evaluated would include rail, port, power, processing plant, road haul, and mining activities relating to the project.
"[The] priority initiative is to assess the option for development of approximately two million tonnes per annum of iron ore production at the Zanaga project, which would be delivered to the Pointe-Noire Special Economic Zone in the Republic of the Congo in order to support the proposed development of a steel production facility," the Zanaga board said in its statement.
"The parties intend to develop a joint initiative to introduce funding partners for the Zanaga project and its related infrastructure, with the aim of securing debt and equity financing."
At 1520 GMT, shares in Zanaga Iron Ore Company were down 0.87% at 10.63p.
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