Aug 15 (Reuters) - AIM-listed Zanaga Iron Ore Co has been granted a mining licence for its iron ore joint venturewith Glencore, in the Republic of Congo, the companysaid on Friday.
The company's main mining project, to be developed in twostages, aims to harness one of the largest iron ore deposits inAfrica and Zanaga said the licence will allow it to mine for aninitial period of 25 years.
The licence can be renewed for 15-year periods, subject to to further applications, Zanaga added.
The company also said it signed a mining convention with thegovernment, setting out financial and legal terms related to theconstruction and operation of the project.
Zanaga Iron Ore owns 50 percent less one share in theproject through its joint venture with miner and commoditiestrader Glencore. (Reporting by Karen Rebelo in Bangalore; Editing by DavidGoodman)
Glencore (GLEN)
Zanaga Iron (ZIOC)
