Zanaga Iron Ore Co Ltd (AIM:ZIOC) CEO Marty Knauth talked with Proactive's Stephen Gunnion about the company's 2023 results and a new equity subscription agreement. Knauth highlighted successful engagements with Shard Merchant Capital, enabling Zanaga to raise operating funds and partner with a Chinese EPC for new technology reviews.
Knauth stated, "We've managed, in recent months, to close out the 2023 annual report, which includes highlights such as successful engagements with Shard Merchant Capital." He elaborated on the updated feasibility study, showing robust economics with a stage one project aiming for 12 million tonnes per year of hematite concentrates and a stage two development targeting 18 million tonnes per year of magnetite concentrate.
Further, Knauth discussed preparations for the Front-End Engineering and Design phase, emphasising engagements with global technical experts to incorporate new technologies and reduce project risks.
He also mentioned a new equity subscription agreement with Shard Merchant Capital and positive progress with Glencore on the company's loan facility, which will leave it debt free.