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Zanaga Iron Ore Co Ltd. has announced its intention to seek a financial adviser to explore funding options for its iron ore project in the Republic of Congo. This decision comes after the company’s board determined that Red Arc Minerals is unlikely to complete its proposed equity investment by the deadline of 30 November.
The proposed investment by Red Arc Minerals was initially disclosed in February. Despite continuous discussions following the expiration of Red Arc’s exclusivity on 31 July, several key issues remain unresolved. As a result, Zanaga has begun exploring alternative funding strategies for the project.
Clifford Elphick, the chair of ZIOC, stated: “We have made encouraging progress with Red Arc Minerals and remain committed to working constructively with RAM to explore the proposed transaction. However, recognising that further matters need to be agreed, we believe it is prudent to broaden our financing options and undertake a strategic review of all available alternatives, to maximise value for all shareholders and stakeholders.”
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Despite the uncertainties, Red Arc has provided evidence of progress towards securing financing of up to US$500 million. Meanwhile, technical work continues at the Zanaga project, which is wholly owned by the company. Zanaga has completed its bulk sampling programme and plans to conduct metallurgical testing and further engineering work.
Elphick emphasized the importance of these developments, stating: “We continue to advance the technical development of the Zanaga Project. The successful completion of the bulk sampling programme is an important milestone, and forthcoming metallurgical testing and engineering work will further strengthen the Project’s technical foundation. Our priority remains to secure the right funding solution to unlock Zanaga’s significant long-term potential.”
The proposal from Red Arc remains one of the options that the newly appointed financial adviser will evaluate. Zanaga’s strategic review aims to ensure that they identify the best possible funding solution, maximizing value for both shareholders and stakeholders while advancing the project’s technical capabilities.
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