Zanaga Iron Ore Secures $21.5M Fundraise and Plans Glencore Buyback

An update from Zanaga Iron Ore ( (GB:ZIOC) ) is now available.

Zanaga Iron Ore Company Limited has announced a US$21.5 million equity fundraise, with potential to increase to US$23 million, to support its Zanaga Iron Ore Project in the Republic of Congo. The fundraise includes strategic investments from experienced mining investors, which will aid in de-risking the project and advancing towards construction. Additionally, ZIOC plans to buy back Glencore’s 43% equity shareholding, terminating existing agreements with Glencore and enhancing its market positioning. The proceeds will also provide over a year of working capital, facilitating key project initiatives and the establishment of a construction consortium. The involvement of strategic partners like Greymont Bay and Arise, along with a new offtake agreement with Gulf Iron and Steel, further strengthens ZIOC’s commercial strategy and market access.

More about Zanaga Iron Ore

Zanaga Iron Ore Company Limited (ZIOC) operates in the mining industry, focusing on the development of large-scale iron ore projects. The company is primarily involved in the Zanaga Iron Ore Project in the Republic of Congo, targeting high-grade production with low operating costs.

YTD Price Performance: 34.41%

Average Trading Volume: 1,293,338

Technical Sentiment Consensus Rating: Sell

Current Market Cap: £68.76M

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