Zanaga Iron Ore Co Ltd (AIM:ZIOC) shares climbed 26% on Thursday, as the company unveiled an initial agreement to power its Republic of Congo project
A memorandum of understanding has been signed with China Machinery Engineering Corporation (CMEC) relating to hydroelectric power solutions for the iron ore project, Zanaga announced.
This includes funding of such power projects, the company added, such as draft agreements with the government of the Republic of Congo and other third parties.
“In addition, Zanaga Iron Ore's feasibility study update process is progressing well and has identified a number of potential value engineering opportunities,” chairman Clifford Elphick said, with results due in the first quarter of 2024.
Shares jumped 26% to 11.01p.