- Mining group Zanaga Iron Ore posted a full-year loss as it progressed the development of its namesake project in the Republic of Congo.

Pre-tax losses for the year through December amounted to $1.88m, compared to losses of $1.86m on-year.

The company said the Covid-19 crisis had not had a material impact on the company.

'The Zanaga project has entered an exciting phase with clear opportunities available to unlock value,' chief executive Clifford Elphick said.

A concept study for a floating port facility for the project had been completed in May.

'The resilience of iron ore prices as well as maintained premiums for high quality iron ore products, provides a strong investment case for the Zanaga project,' he said.

'It is encouraging to see Chinese institutions and infrastructure providers actively engaging with African countries, including the Republic of Congo.'

'Early production project investigations have been adjusted to evaluate slightly larger production options with the continued objective to determine the viability of a front end iron ore project with a faster construction time, lower capital cost, utilising existing brownfield logistics solutions.'

'Such a project could pave the way for the development of the first stage of the 30mtpa staged development project.'

'We look forward to providing further updates to shareholders as results are received from additional activities underway during the second half of 2020.'

At 9:25am: [LON:ZIOC] Zanaga Iron Ore Company share price was +0.86p at 7p

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