(Alliance News) - Zanaga Iron Ore Co Ltd on Wednesday said it has entered into a memorandum of understanding with Arise Integrated Industrial Platforms Ltd with regard to its Zanaga Iron Ore Project.
Its shares rose 18% to 5.86 pence each on Wednesday afternoon in London.
The iron explorer focused on the Republic of Congo said it has entered into the collaboration with Arise, a pan-African developer of industrial ecosystems, to advance the development of its Zanaga Project's onshore and offshore port infrastructure.
Under the scope of the partnership, Zanaga and Arise expect to collaborate on key aspects of the necessary port facilities for the Zanaga project.
These include key engineering works necessary for geographical general arrangement, a definition of capital return agreement relating to infrastructure investment and a definition of services agreement tied to special economic zone leasing and facility maintenance.
Zanaga Chair Clifford Elphick said: "The Zanaga Project has now entered into an exciting new phase. ZIOC's partnership with Arise provides a pathway forward for the Zanaga Project, enabling the development of essential port export facilities, both onshore and offshore, with a highly-regarded port developer, financier and operator."
By Christopher Ward, Alliance News reporter
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Zanaga Iron (ZIOC)
