Zanaga Iron Ore Co Ltd IOC posted a loss for the six months to June 2021 of US$733,000, as work on its iron ore project in West Africa continued.
The company closed out the period with US$800,000 in the bank, a level which was maintained through to the end of August, following a subscription.
Zanaga aims to develop a 30mln tonnes per year project in stages, and is currently updating a previously completed feasibility study.
The Zanaga project's reserve estimate was updated to 2.1bn tonnes in May 2021.
"During the first half of 2021 the Zanaga project team have continued to progress key initiatives,” said Clifford Elphick, non-executive chairman.
“Significant work is underway to evaluate options to move the early production project forward in a rapid manner, in order to capitalise on current iron ore prices.”