Zanaga Iron Ore Co Ltd (AIM:ZIOC), reporting interim results for the six months to 30 June, highlighted its "transformative period" in which it took more direct control of its flagship project.
Key highlights included its $23 million raise in March, along with a $15 million deal to buy out Glencore.
Since then, the team has been working to enhance and advance the project in the Republic of Congo
"During the first half, ZIOC experienced a transformative period in its history, securing Glencore's exit as a major shareholder and the termination of its offtake rights, while welcoming a new group of investors with substantial experience in the mining sector, including expertise in project and infrastructure development," Zanaga chair Clifford Elphick said.
"Additionally, key elements of the strategy were developed to add value to the Zanaga Project."
Zanaga confirmed its progress on four initiatives, including direct reduction iron test work, a pellet plant feasibility study, pipeline optimisation and dry tailings management.
Metallurgical testing in China and the UK confirmed concentrate grades above 68% Fe with low impurities, raising the project’s post-tax net present value by 37% to $5.21 billion.
In terms of financials, the pre-revenue company reported a $3.49 million loss, and said cash reserves amounted to $3.9 million at the end of June.