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Zanaga Iron Ore Co Ltd. has successfully completed its bulk sampling programme, achieving this milestone on time and within budget. This marks a significant step forward in the development of its iron ore project located in the Republic of Congo.
The company extracted approximately 30,000 tonnes of material, which was used to create a 100-tonne composite sample from the project’s Stage 1 hematite zone. This sample is set to undergo pilot-scale testing to validate a revised processing route aimed at producing direct-reduced iron (DRI)-grade concentrate. The outcomes of this testing will play a crucial role in:
- Establishing the final processing configuration
- Refining capital expenditure and operating-cost assumptions
- Generating material for potential customers and offtake partners
Panmure Liberum has maintained its ‘buy’ recommendation and a target price of 15 pence, despite Zanaga’s share price standing at 3 pence as of November 2. Duncan Hay, the lead analyst at Panmure Liberum, praised the completion of the programme as a positive development. He highlighted Zanaga’s capability in coordinating with contractors, local communities, and authorities in the Republic of Congo.
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This project marks the first significant equipment mobilisation at the site since 2014. However, Panmure Liberum also noted that more critical milestones are forthcoming. The results of the metallurgical tests will be pivotal in determining the quality of the concentrate, process design, and overall project economics.
While Zanaga has not disclosed a timeline for the completion of the testing programme, a notable immediate focus is the anticipated first payment of US$5 million from strategic investor Resource Asset Management (RAM), expected by November 30. This payment would serve as a validation of the proposed strategic investment and assist in funding the next phase of development.
Additionally, discussions are ongoing regarding a potential US$500 million financing package from a development finance institution (DFI), although this is currently at the letter of intent stage. Panmure Liberum anticipates that near-term investor sentiment will largely depend on RAM’s capacity to fulfill the proposed investment.
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The African Mining Market is a source of insightful information on mining & industrial markets, and developments in Africa.
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