Zanaga Iron Ore Completes Glencore Share Buyback and Strategic Realignment

Zanaga Iron Ore ( (GB:ZIOC) ) has shared an update.

Zanaga Iron Ore Company Limited has completed a significant buyback of shares from Glencore, amounting to 290,843,718 ordinary shares at a total cost of US$15 million. This move results in the termination of existing agreements with Glencore and the resignation of board member Peter Hill. The buyback increases each shareholder’s percentage shareholding and aligns with Zanaga’s strategic focus on advancing towards a construction decision for its iron ore project. The company plans to provide further updates on its strategic initiatives and operational progress at an upcoming Investor Day.

More about Zanaga Iron Ore

Zanaga Iron Ore Company Limited is an iron ore exploration and development company, with its flagship asset being the Zanaga Iron Ore Project located in the Republic of Congo. The project boasts a 6.9 billion tonne resource and a 2.1 billion tonne reserve, designed for 30Mtpa production of high-grade pellet feed. The company is positioned to meet the growing demand for high-quality, low-impurity iron ore, leveraging low operating costs and a cost-efficient slurry pipeline to the port.

YTD Price Performance: 3.70%

Average Trading Volume: 1,397,003

Technical Sentiment Consensus Rating: Sell

Current Market Cap: £76.93M

For an in-depth examination of ZIOC stock, go to TipRanks’ Stock Analysis page.