30th Sep 2014 10:32
LONDON (Alliance News) - Zanaga Iron Ore Company Ltd shares were boosted on Tuesday after the company released a positive reserve update for the Zanaga Iron Ore project, the group's joint venture with Glencore PLC in the Democratic Republic of Congo.
Zanaga said the proved ore reserves at the site are 770 million tonnes at 37.3% iron. The figures support the Stage One 12 million tonnes per year operation at the site for 25 years.
The probable reserves at the site are 1,290 million tonnes at 31.8% iron. Total ore reserves are 2,070 million tonnes at 33.9% iron derived from 6,900 million tonnes iron mineral resource, supporting the Stage Two 30 million tonnes per year development plan for a 30-year mine life.
Zanaga Chairman Clifford Elphick said the reserve estimate "reinforces the quality and size of the Zanaga Project in the iron ore sector."
Shares in Zanaga were up 7.2% to 13.4 pence on Tuesday. Glencore shares trade 1.5% higher at 344.7 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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