Zanaga Iron Ore conducts share buyback

AIM-listed mining company Zanaga Iron Ore has purchased 28,800 shares of no par value in the company at an average price of 32.80p per share representing 0.01 per cent of the shares in issue.

The company, which gained approval for a share buyback at an annual general meeting held in July, reported that the 28,800 shares purchased by the company would be cancelled in due course and the total voting rights in the company would be reduced to 279,776,530.

Each director of the company confirmed that he and his related parties would not sell shares in the buyback.

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Zanaga is the owner of 50% less one share interest in the Zanaga Iron Ore project in the Republic of Congo through it joint venture partnership with Xstrata. The company has a market capitalisation of £89.54m.

Zanaga Iron Ore's share price was down 0.78% to 32p at 12:20 on Thursday afternoon.

MF