25th Jun 2014 12:02
LONDON (Alliance News) - Zanaga Iron Ore Co Ltd Wednesday said its pretax loss widened in 2013 due to administrative expenses and losses from its investment in the Zanaga Iron Ore project in the Republic of Congo.
The iron-ore processing-and-transport infrastructure company, which is yet to produce any revenue, said its pretax loss widened to USD6.7 million, from USD5.7 million in 2012.
The company said its loss was down to an increase in administrative expenses to USD5.6 million, from USD5.1 million, and a increase in losses from its investment in the Zanaga Iron Ore project to USD1.2 million, from USD765,000 in 2012.
During the year, Glencore PLC became a joint venture partner for the company at its Zanaga Iron Ore project in the Republic of Congo.
In April 2014, the company completed a feasibility study for the Zanaga project which confirmed the site as a possible major iron ore development, and showed that staged development process at the site would be better than a single-stage development.
The company is currently progressing the project through to its next stage of development, having submitted both the Mining Licence and Environmental Permit for stage one development at the site.
Zanaga Iron Ore shares were down 2.4% to 18.18 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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