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Glencore Xstrata revise plans for iron ore project

By BFN News | 12:46 PM | Friday 13 September, 2013

Glencore Xstrata and Zanaga Iron Ore Company (ZIOC) have announced a revised plan for the Zanaga iron ore project. The project feasibility study is now being advanced on the basis of a staged development, substantially reducing the initial capital requirement and including the potential for initial production using existing infrastructure. The project is working closely with the Republic of Congo Government to advance its development and support the Government's objectives for infrastructure and mining development in the country. The feasibility study will be completed next year. Glencore and ZIOC have agreed to jointly explore funding options with a view to attracting third party debt and equity financing for potential project implementation. At 12:46pm: (LON:GLEN) share price was -4.65p at 339p (LON:ZIOC) share price was +3p at 29.5p Story provided by

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