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(Alliance News) - Zanaga Iron Ore Co Ltd on Tuesday said its loss narrowed in the first half of 2021 while it continued development if its projects in the Republic of Congo.
The exploration and development company said its pretax loss narrows to USD733,000 in the six months to the end of June from USD780,000 posted the year prior, as administrative costs reduced to USD380,000 from USD493,000 a year prior.
"During the first half of 2021 the Zanaga project Team have continued to progress key initiatives at the project," said Non-Executive Chair Clifford Elphick.
Zanaga Iron Ore project is located in the Republic of Congo. During the half year, the company completed an update to the cost estimates associated with stage one development.
At the early production project, also located in the Republic of Congo, the company said it continued to investigate multiple production scenarios.
"The project team have been working for some time to evaluate potential avenues to bringing the project into production, and continue to make every effort to work with local stakeholders and partners in assessing these options," said Elphick.
Zanaga shares were trading 14% higher in London on Tuesday at 4.24 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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