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Zanaga H1 pretax loss widens to $4.7m

By BFN News | 09:41 AM | Monday 30 September, 2013

Zanaga Iron Ore Company's H1 pretax loss widened to $4.7m, from $2.4m. Most of the losses were due to administrative expenses. "The opportunity for staged development enhances the ability to finance the Project and represents a significant opportunity for ZIOC alongside its partner Glencore," the company said. "Reducing initial capital expenditure, whilst maintaining attractive operating costs is key to delivering value in the current market environment. The Project continues to offer the prospect of a low cost, long life and expandable operation capable of producing a premium, high-quality iron ore product." At 9:41am: (LON:ZIOC) share price was +0.75p at 23.75p Story provided by

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