By Alex MacDonald
LONDON--African iron-ore explorer Zanaga Iron Ore Co. Ltd.
(ZIOC.LN) said on Tuesday that its Congo Brazzaville Zanaga mining
project will have enough reserves to produce 30 million tons of
iron ore per year, developed over two phases, for a period of 30
years.
The U.K.-listed company, which is developing the Zanaga Iron Ore
Project in partnership with commodities trader and miner Glencore
PLC (GLEN.LN), said the mine's reserves total 2.07 billion metric
tons of ore with 33.9% ferrous content. This stems from 6.9 billion
tons of mineral resources with 32% ferrous content grade. The
project's first proved ore estimate of 770 million tons alone
underpins the first stage of the project, which aims to produce 12
million tons a year of ore for more than 25 years.
Zanaga owns 50% less one share in the Zanaga Iron Ore Project
through its joint venture partnership with Glencore.
Zanaga's shares are down 37% since the beginning of the year at
13 pence a share, resulting in a market capitalization of GBP34.9
million or $56.6 million.
Write to Alex MacDonald at alex.macdonald@wsj.com
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