leadf
logo-loader
viewZanaga Iron Ore Co Ltd

Zanaga Iron Ore signs framework with Chinese developer of Pointe Noire SEZ

“COIDIC is undertaking a transformational initiative by developing the Pointe Noire Special Economic Zone, which has the potential to provide critical infrastructure to the Republic of Congo."

Zanaga Iron Ore Co Ltd -
Supplying a new steel facility is one of the options being looked at

 

Zanaga Iron Ore Company Limited  (LON:ZIOC) has signed a framework agreement with China Overseas Infrastructure Development And Investment Corporation Limited (COIDIC) to explore ways to progress its project in the Republic of Congo.

The agreement between COIDIC and Jamelles, the joint venture between Zanaga and Glencore that owns the project, will assess mining and transport infrastructure alternatives.

In particular, the priority is to assess the option for iron ore production at Zanaga of 2mln tonnes per annum (2Mtpa) to be delivered to the Pointe Noire special economic zone (SEZ) for a steel production facility

The parties will also seek funding partners for the project and its related infrastructure, with the aim of securing debt and equity financing.

Clifford Elphick, ZIOC’s chairman said in a statement: “We are delighted to announce that a process is underway with China Overseas Infrastructure Development And Investment Corporation Limited to advance the Zanaga Iron Ore Project.

“COIDIC is undertaking a transformational initiative by developing the Pointe Noire Special Economic Zone, which has the potential to provide critical infrastructure to the Republic of Congo."

“The Zanaga Project Team is impressed with the extensive experience that COIDIC and its shareholders have in developing large scale infrastructure projects in Africa including railways, process plants, power plants, ports, and transshipping operations,” he added.

Quick facts: Zanaga Iron Ore Co Ltd

Price: 5.59 GBX

AIM:ZIOC
Market: AIM
Market Cap: £16.38 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Zanaga Iron Ore Co Ltd named herein, including the promotion by the Company of Zanaga Iron Ore Co Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Zanaga Iron Ore's Andrew Trahar updates on floating port facility and early...

Zanaga Iron Ore Company Limited's (LON:ZIOC) Andrew Trahar speaks to Proactive London following the news it's completed a concept study to assess the viability of a floating dewatering, storage and offloading port facility at its project in the Republic of Congo. He says the study indicates the...

on 29/5/20

2 min read