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LONDON (Alliance News) - Zanaga Iron Ore Co Ltd shares rose on Tuesday as the company reported positive results from testing of its cold pellets.
Zanaga's shares were trading at 18.50 pence each on Tuesday, up 5.7%.
In June, Zanaga said it has made "significant" progress in testing, as it looks to produce an industry-acceptable iron ore pellet, which are used in the making of steel, utilising a lower cost process.
Zanaga then sent two further samples of pellets to a European steel mill and a laboratory, and testing at the lab showed the pellets meet industry standards.
The testing, it continued, was carried out by Jumelles, which is a joint venture between Zanaga and Glencore PLC.
Zanaga is in talks with other steel mills around the world to look at other testing required to assess the possible demand and pricing for its pellets and pellet feed concentrate.
Non-Executive Chairman Clifford Elphick said: "The positive results from recent pellet tests with a leading steel mill and an accredited independent European laboratory, servicing the steel industry, are encouraging indicators of the potential for Zanaga to produce a commercially accepted pellet product with high iron content and low impurities."
