Zanaga Iron Ore Co Ltd (AIM:ZIOC) has delivered what Panmure Liberum describes as a meaningful upgrade to the economics of its Zanaga iron ore project in the Republic of Congo following completion of four value enhancement initiatives.
The broker said the initiatives have the potential to add $11.33 billion of life-of-mine revenue through confirmation of DRI-grade pellet feed. This represents a 16% uplift versus the 2024 feasibility study.
Panmure Liberum also highlighted estimated capital expenditure savings of $352 million and total cash cost reductions of $2.24 billion over the life of the project.
The analyst noted that test work has confirmed iron ore grades of between 68.5% and 69.1% iron, exceeding minimum requirements for direct reduced iron feed. This underpins Zanaga’s positioning as a potential supplier to the low-carbon steel market.
Panmure Liberum also pointed to structural improvements, including a single 30 million tonne per annum pipeline and the adoption of thickened and dry-stack tailings. These are expected to reduce long-term operating risk and environmental complexity.
The broker expects further updates in February 2026, including FEED results, updated capex and opex guidance, and revised project economics.