Zanaga Iron Ore Company 1st Half Pretax Loss Narrows 49%
September 20 2011 - 3:12AM
Dow Jones News
Zanaga Iron Ore Company Limited (ZIOC.LN), an iron ore company
announced Tuesday a 49% narrower pretax loss for the six months
ended June 30, 2011.
MAIN FACTS:
-Pretax loss: $3,804,000 (2010: loss $7,503,000)
-Operating loss: $3,891,000 (2010: loss $7,503,000)
-Loss per share: 0.01 cents (2010: loss 0.03 cents)
-ZIOC cash balance of $48.5 million as at June 30, 2011
-Dividend: n/a
-Xstrata PLC (XTA.LN) exercised its first call option moving to
a 50% plus one share interest in the Zanaga Project
-Xstrata is obliged to fund completion of a feasibility study in
accordance with international best practice standards and Xstrata
internal guidelines
-Zanaga Project now managed by Xstrata
-The Pre-Feasibility Study or PFS work streams completed in 1Q
2011, and the Value Engineering Exercise or VEE is completing on
schedule.
-ZIOC expects to announce the outcomes of the VEE in October
2011
-JORC Mineral Resource expansion to 4 billion tons or Bt at
33.9% iron or Fe (1.7Bt Indicated - 2.3Bt Inferred)
-Drilling update - Total of 98,663 meters / 803 holes drilled to
May 8, 2011
-Over $140 million spent on the Zanaga Project to June 30,
2011
-Shares closed Monday at 99.0 pence
-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411;
zechariah.hemans@dowjones.com
Order free Annual Report for Xstrata PLC
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