Zanaga Iron Ore Surges 26% on Hydroelectric Power Deal for Congo Project
Zanaga Iron Ore Co Ltd (AIM:ZIOC) witnessed a notable surge of 26% in its shares on Thursday, driven by a significant announcement regarding its Republic of Congo project.
The company disclosed the signing of a memorandum of understanding with China Machinery Engineering Corporation (CMEC) aimed at implementing hydroelectric power solutions for the iron ore project in Congo.
This includes potential funding for these power projects, along with preliminary agreements involving the Republic of Congo government and other relevant entities.
Chairman Clifford Elphick expressed optimism, stating, “Our feasibility study update process is advancing positively and has uncovered several potential value engineering opportunities.” The results from this study are anticipated in the first quarter of 2024.
