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LONDON (Alliance News) - Zanaga Iron Ore Co Ltd on Wednesday said its Zanaga iron ore project joint venture with FTSE 100-listed miner Glencore PLC has received mining convention ratification from authorities in the Republic of Congo.
The approval covers the staged development of the project and outlines the fiscal and legal terms in regards to the construction and operation of the project under the mining licence.
"I am delighted that the Zanaga Project has now had its mining convention approved and adopted as law. We believe this further demonstrates the government of the Republic of Congo's support for the development of the country's mining sector and is testament to the project's strong stakeholder relations," said Zanaga Chairman Clifford Elphick.
Zanaga shares were up 12% to 3.20 pence on the news Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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