LONDON (Alliance News) - Zanaga Iron Ore Co Ltd Friday said the Zanaga iron-ore project in the Democratic Republic of Congo, a joint venture between the firm and Glencore PLC, has been granted a mining licence and said the companies have signed a mining convention with the African country's government.
Zanaga said the project is planned as a low-cost iron-ore operation and said it will be developed in two stages. The first will involve a 12 million tonnes per annum operation, with the second stage to expand this by a further 18Mtpa to produce a total of 30Mtpa in high-quality iron-ore pellet feed product over a 30-year mine life.
Clifford Elphick, non-executive chairman of Zanaga, said the mining licence and the signing of the mining convention leaves the project "well positioned to advance through to the next stage of financing discussions".
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Glencore (GLEN)
Zanaga Iron (ZIOC)
