REG - Zanaga Iron Ore - Glencore Loan Update

Zanaga Iron OreAnnouncement

02/01/2024 07:00

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RNS Number : 2626Y  Zanaga Iron Ore Company Ltd  29 December 2023

29 December 2023

Glencore Loan Update

Zanaga Iron Ore Company Limited ("ZIOC" or the "Company") (AIM: ZIOC), is
pleased to confirm that the Company has agreed a loan repayment extension with
Glencore.

As a reminder, on 29 June 2022, Glencore and ZIOC entered into a loan facility
agreement (the Facility Agreement), under which a loan would be provided
directly to Jumelles Ltd by Glencore to provide funding for ongoing working
capital required to progress initiatives at the Zanaga Project. The Facility
Agreement provided for funding of up to US$1.8m (the "Loan Facility"),
repayable at 31 December 2023.

Today, Glencore and ZIOC have agreed to extend the repayment date of the Loan
Facility to 31 March 2024. ZIOC has already repaid US$463k of the Loan
Facility and had US$1.39m of the Loan Facility outstanding (including accrued
interest).

 

Clifford Elphick, Chairman of ZIOC commented:

"I am pleased to report that ZIOC has already partially repaid the Glencore
loan, and continues to receive the support of Glencore going forward through
the extension of the loan repayment date.

ZIOC is pleased with the ongoing progress being made in advancing discussions
with potential partners, and as part of ZIOC's strategic objectives has
already recently concluded an MoU relating to power solutions for the Zanaga
Project. We look forward to progressing further strategic initiatives in early
2024."

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR

 

The Zanaga Iron Ore Company Limited LEI number is 21380085XNXEX6NL6L23.

 

For further information, please contact:

Zanaga Iron Ore

Corporate Development and
Andrew Trahar

Investor Relations Manager
+44 20 7399 1105

Liberum Capital Limited

Nominated
Adviser
Scott Mathieson, Kane Collings

and Corporate Broker
                                      +44
20 3100 2000

 

About us:

Zanaga Iron Ore Company Limited (AIM ticker: ZIOC) is an iron ore exploration
and development company, with the Company's flagship asset being its 100%
owned Zanaga Iron Ore Project located in the Republic of Congo, for which the
Government Mining Licence, Environmental Permit and Mining Convention are all
in place.

A major Project update is underway to freshen historical studies in light of
changes in the world's economy and growing demand for low-carbon steel
production, for which the Zanaga resource is highly suited, with the potential
to become one of the largest producers of high grade premium pellet feed iron
ore.

 

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