Zanaga Iron Ore Co Ltd on Monday said it signed a memorandum aimed at the supply of power for its project in the Republic of Congo.
The iron explorer focused on the Republic of Congo said alongside its subsidiary MPD Congo signed a memorandum of understanding with Centrale Electrique du Congo SA, or CEC, to evaluate potential solutions to supply Zanaga’s power demand.
CEC is a private power producer in the Republic of Congo. It is 80% owned by the government of the Republic of Congo, and 20% owned by Eni Congo.
Zanaga Chair Clifford Elphick said: ‘ZIOC’s partnership with CEC further reinforces the industry’s view that the Zanaga project is world class, opening the path to establish the required power needs for the project.’
Zanaga shares rose 12% to 9.14 pence each on Monday morning in London.
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