2nd Jan 2024 11:08
(Alliance News) - Zanaga Iron Ore Co Ltd on Tuesday agreed a loan repayment extension with FTSE 1000listed diversified mining firm Glencore PLC.
Zanaga, an iron explorer focused on the Republic of Congo, said that the repayment had been pushed to the end of March from the original date of Sunday.
In June 2022, Zanaga entered into a loan facility agreement with the Barr, Switzerland-based Glencore, providing USD1.8 million in funding for Zanaga's partially owned subsidiary Jumelle Ltd. The funding would contribute ongoing capital to progress initiatives at the Zanaga project, a large-scale iron ore mine in the south-west of the Republic of Congo.
As of Tuesday, Zanaga has repaid USD463,000, with USD1.4 million still outstanding including accrued interest.
Zanaga Chair Clifford Elphick said: "I am pleased to report that ZIOC has already partially repaid the Glencore loan, and continues to receive the support of Glencore going forward through the extension of the loan repayment date".
Shares in Zanaga were up 2.0% at 10.20 pence each in London on Tuesday morning, while Glencore shares were up 0.1% at 472.65p each.
By Hugh Cameron, Alliance News reporter
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