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Zanaga Iron Ore narrows FY pretax loss

By BFN News | 08:49 AM | Thursday 27 June, 2013


Zanaga Iron Ore Company booked a narrower full-year pretax loss of $5.7 million, from a loss of $14.4 million. The company booked nil revenue. The comparative earlier period was weighed down by a $7.8 million share in the loss of an associate. "Substantive progress has been made over the past 18 months in advancing the Zanaga Iron Ore Project towards development," said non-executive chairman Clifford Elphick. "A robust pre-feasibility study has been completed with the results indicating that the Zanaga Project has the potential to offer a low cost, long life operation capable of producing a premium, high quality iron ore product. This confirms our belief that the Zanaga Project is one of the most attractive, undeveloped iron ore projects globally," he said. The Zanaga Project's mining exploration licences have been extended to August 2014 and the process of preparing the documentation needed to make application for the Exploitation Licences was well underway. The company has maintained a strong cash position, with $40m in the bank as at Dec. 31, 2012. At 8:49am: (LON:ZIOC) share price was +0.01p at 11.13p Story provided by StockMarketWire.com

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