Zanaga Iron Ore Company Limited recently announced that a memorandum of understanding has been signed with China Machinery Engineering Corporation ("CMEC") relating to hydroelectric power solutions for the Zanaga Iron Ore Project in the Republic of Congo and associated funding of such power projects.
Following CMEC's preliminary inspections and engineering of potential hydroelectric sites near the Zanaga Project, an MoU has been agreed between ZIOC and CMEC with the following objectives:
- Advance engineering and related studies for the identified hydroelectric sites near the Zanaga Project.
- Draft arrangements for the funding of development and operation of the identified hydroelectric project(s), between the government of the Republic of Congo and third Parties.
Clifford Elphick, Chairman of ZIOC commented: "I am pleased to report that ZIOC has signed an MoU with China Machinery Engineering Corporation to advance engineering and related studies for a number of hydroelectric power sites identified near the Zanaga Project, including drafting of arrangements for the funding, development and operation of the hydroelectric project(s) between the Republic of Congo and third Parties. In addition, ZIOC's FS study update process is progressing well and has identified a number of potential value engineering opportunities, with the conclusion of the study now scheduled for Q1 2024."