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LONDON (Alliance News) - Zanaga Iron Ore Company Monday said its pretax losses almost doubled in its first half as it developed towards first production.
The iron-ore processing-and-transport infrastructure company with operations in the Republic of Congo said pretax losses widened to USD4.7 million from USD2.4 million for the six months ended June 30.
The company is yet to post any revenues.
Zanaga said its administrative expenses doubled to USD4.9 million from USD2.4 million as it developed its scoping study in the Republic of Congo towards production.
The company said its application for a mining licence is on schedule to be made in the second quarter 2014.
Zanaga also said it is in discussions with its joint venture partner Glencore Xstrata PLC to seek extra development finance and has amended its joint venture agreement to reflect its new development plan.
Zanaga Iron Ore shares were flat at 23.00 pence in early trading Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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