By Philip Waller
Date: Thursday 08 May 2014
LONDON (ShareCast) - AIM-listed Zanaga Iron Ore is considering developing a project in the Republic of Congo on a phased basis, leading to a fall in its shares.
A feasibility study had confirmed the "attractive economics" of its
Zanaga iron ore project, but on the basis of a staged development, the group said.
Stage one would consist of a 12 million tonnes per annum (mtpa) operation, with Stage Two expanding the operation by a further 18 mtpa to produce 30 mtpa of ore over a 30-year mine life.
Zanaga said the phased approach was cheaper than earlier proposals and the stage one operation could self-finance stage two through project cash flows, limiting any need for extra equity.
The group said it had applied for a mining licence, was working on the project's tax regime and would shortly take on engineering contractors.
But investors were unimpressed, sending the shares down 2.5p or 10.4% to 21.5p by 12:06 in London.
PW
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Currency | UK Pounds |
Share Price | 7.65p |
Change Today | 0.15p |
% Change | 2.00 % |
52 Week High | 17.45 |
52 Week Low | 3.80 |
Volume | 425,212 |
Shares Issued | 644.99m |
Market Cap | £49.34m |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
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No dividends found |
Time | Volume / Share Price |
14:36 | 23,255 @ 7.37p |
13:20 | 53,572 @ 7.48p |
11:35 | 100,000 @ 7.60p |
10:20 | 7,495 @ 7.93p |
10:01 | 112,261 @ 7.60p |
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