Zanaga gets big boost to resource estimate

Zanaga Iron Ore, which owns a concession in the Republic of Congo, has revealed a significant increase in the size of its estimated resources.

Following an analysis of the ore body at what's called the Zanaga Project, the mineral resource estimate has been lifted by 57% to 6.8bn tonnes at an average grade of 32.0% Fe.

Clifford Elphick, non-executive Chairman of ZIOC, commented: "The major increase in the resource announced today is exciting as it confirms the Zanaga Iron Ore Project has the potential to become a very significant iron ore producer with one of the largest iron ore resources in Africa."

Article continues below

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Zanaga's stock price climbed 6.8% on the news.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.