• Sat. Jun 22nd, 2024

Zanaga Iron Ore Advances with Positive Feasibility Study Results

ByAva Smith

May 28, 2024

–News Direct–

Zanaga Iron Ore CEO Marty Knauth joined Steve Darling from Proactive to share significant updates regarding the company's flagship asset, the Zanaga Iron Ore Project located in the Republic of Congo. With all necessary permits and licenses secured, Zanaga Iron Ore is poised to capitalize on the positive outcomes of its 2024 Feasibility Study update.

Knauth highlighted the robust economics of the project, particularly its staged development plan. The first stage involves a capital investment of US$1.94 billion, with operating costs projected at US$31.5 per dry metric tonne (dmt) of finished ore. The net Present Value (NPV) is estimated at US$3.68 billion, with an Internal Rate of Return (IRR) of 26.2%.

Moving forward, the company plans to focus on magnetite expansion projects, including infrastructure enhancements such as a buried concentrate pipeline and port infrastructure. These developments are expected to further bolster the project's economic viability and attract potential strategic investors.

The positive feasibility study results provide increased confidence in the project's economic feasibility within the current market and cost environment. This serves as a catalyst for potential investors to consider funding the next phase of the project, which entails front end engineering and design programs to refine project elements and mitigate risks.

Furthermore, the next phase will prioritize the development of management plans for various aspects including environment, community, training, health, water management, mine waste, and closure. These efforts underscore Zanaga Iron Ore's commitment to responsible and sustainable resource development practices.

Knauth mentioned his recent travels to China and Japan, where he engaged with potential investors, receiving positive feedback. He noted that the detailed 2024 feasibility study has facilitated these discussions. The company is currently focused on finalising the front-end engineering program, integrating technical, social, and risk assessments, and preparing for a construction decision.

Contact Details

Proactive UK Ltd

+44 20 7989 0813

uk@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/zanaga-iron-ore-advances-with-positive-feasibility-study-results-551417017

Zanaga Iron Ore Co Ltd

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