Zanaga Iron Ore Company (LON:ZIOC) said the re-costing exercise of Stage One of the Zanaga iron ore development project is being completed and is expected to be concluded around the middle of this month.
As announced last September, Jumelles Ltd - a joint venture between Zanaga and Glencore PLC (LON:GLEN) - initiated the review to update the cost estimates associated with the construction of the 12 million tonne per annum (Mtpa) Stage One project in the current contractor pricing market.
External engineering firms were engaged by Jumelles to complete this evaluation.
The Zanaga project in the Republic of Congo is one of the largest iron ore deposits in Africa and has the potential to become a world-class iron ore producer.