- Zanaga Iron Ore has completed a concept study into a floating port facility at its Zanaga Iron Ore Project.

The company said it has been investigating the potential to utilise an offshore floating port instead of the transhipping solution envisaged by the 2014 feasibility study.

The results of the study found that potential has been indicated for a $184m reduction to total capital costs of the 12Mtpa Stage One Project, resulting in a reduction of total capital cost from $2,219m to $2,035m. Operating costs are expected to be maintained at approximately $6.5 per tonne.

Non-executive chairman Clifford Elphick said: 'This evaluation exercise demonstrates the clear potential of a Floating Port facility to enhance significantly the economics of the Zanaga Project through the reduction of upfront capital costs and enhanced internal rate of return.

'In addition, there is potential to achieve significant ancillary technical benefits such as reduced environmental impact, elimination of dredging, and significant flexibility on coastal route selection.'

At 9:31am: [LON:ZIOC] Zanaga Iron Ore Company share price was -3.13p at 9p

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