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(Alliance News) - Zanaga Iron Ore Co Ltd on Wednesday said its joint venture Jumelles Ltd has signed an agreement with investment company China Overseas Infrastructure Development & Investment Corp for the development of the Zanaga iron ore project in the Republic of Congo.
Jumelles, a joint venture between Zanaga and Glencore PLC, has entered into a framework agreement with China Overseas Infrastructure to explore opportunities for progressing the infrastructure and financing requirements for the Zanaga project.
Under the agreement, the companies will evaluate options of developing a two million tonnes per annum iron ore production facility at Zanaga, with the iron ore then delivered to the Pointe Noire special economic zone to support the development of a steel production facility.
The companies also intend to develop a joint initiative to introduce funding partners for the project and related infrastructure, Zanaga said.
Zanaga shares were down 2.1% at 10.50 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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