Last checked at 2 Jan 2024 07:00
29 December 2023
Glencore Loan Update
Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC), is pleased to confirm that the Company has agreed a loan repayment extension with Glencore.
As a reminder, on 29 June 2022, Glencore and ZIOC entered into a loan facility agreement (the Facility Agreement), under which a loan would be provided directly to Jumelles Ltd by Glencore to provide funding for ongoing working capital required to progress initiatives at the Zanaga Project. The Facility Agreement provided for funding of up to US$1.8m (the "Loan Facility"), repayable at 31 December 2023.
Today, Glencore and ZIOC have agreed to extend the repayment date of the Loan Facility to 31 March 2024. ZIOC has already repaid US$463k of the Loan Facility and had US$1.39m of the Loan Facility outstanding (including accrued interest).
Clifford Elphick, Chairman of ZIOC commented:
"I am pleased to report that ZIOC has already partially repaid the Glencore loan, and continues to receive the support of Glencore going forward through the extension of the loan repayment date.
ZIOC is pleased with the ongoing progress being made in advancing discussions with potential partners, and as part of ZIOC's strategic objectives has already recently concluded an MoU relating to power solutions for the Zanaga Project. We look forward to progressing further strategic initiatives in early 2024."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR
The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.
For further information, please contact:
Zanaga Iron Ore
Corporate Development and Andrew Trahar
Investor Relations Manager +44 20 7399 1105
Liberum Capital Limited
Nominated Adviser Scott Mathieson, Kane Collings
and Corporate Broker +44 20 3100 2000
About us:
Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is an iron ore exploration and development company, with the Company's flagship asset being its 100% owned Zanaga Iron Ore Project located in the Republic of Congo, for which the Government Mining Licence, Environmental Permit and Mining Convention are all in place.
A major Project update is underway to freshen historical studies in light of changes in the world's economy and growing demand for low-carbon steel production, for which the Zanaga resource is highly suited, with the potential to become one of the largest producers of high grade premium pellet feed iron ore.