In the Republic of Congo, Zanaga Iron Ore has successfully completed its bulk sampling programme, extracting approximately 30,000 tonnes of ore to create a 100-tonne composite sample. This achievement marks the first major equipment mobilisation at the project site since 2014, signaling renewed momentum for the company as it advances toward developing its iron ore resources.
The bulk sampling focused on the hematite zone designated for Stage One’s planned 12 million tonnes per year operation. The extracted material will undergo metallurgical testing to refine processing flowsheets, concentrate specifications, and cost estimates. These results will be pivotal in determining concentrate quality, process design, and project economics, shaping the commercial viability of the venture.
"The successful completion of the bulk sampling programme represents a significant milestone for the Zanaga Project, constituting the first major equipment mobilisation at the Project site since 2014," said Martin Knauth, CEO of Zanaga Iron Ore. This milestone underscores the project’s progress and sets the stage for the next phase of development.
With the bulk sampling complete, Zanaga now aims to progress to metallurgical testing and final engineering work.
The programme’s execution has received positive feedback from local stakeholders. "We are particularly pleased with the positive feedback from observers representing the Republic of Congo authorities, who commended the programme’s planning, communication, and transparency," Knauth noted. This endorsement highlights the team’s efforts to deliver the programme responsibly and in close coordination with stakeholders.
With the bulk sampling complete, Zanaga now aims to progress to metallurgical testing and final engineering work. "With this important phase complete, we aim to progress to metallurgical testing and the subsequent final engineering and design work, strengthening the technical basis for Zanaga’s direct-reduced iron (DRI) grade plan," Knauth explained. This next phase will be critical in validating the project’s revised processing route.
Panmure Liberum has retained its 'buy' recommendation and 15p target price for Zanaga shares, reflecting confidence in the project’s potential despite the pending metallurgical results. The broker acknowledges that these results will play a key role in determining the project’s ultimate success.
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An immediate catalyst is a $5 million payment from strategic investor Resource Asset Management (RAM), due by late November. Panmure Liberum expects investor sentiment to hinge on RAM’s ability to fund the proposed investment, marking a critical milestone in the project’s financing timeline.
As Zanaga transitions from extraction to testing, the company stands at a pivotal moment. The successful completion of the bulk sampling programme provides a foundation for the next phase of development, with the pending funding decision from RAM shaping the project’s near-term trajectory. The coming months will be decisive for this iron ore venture as it moves toward metallurgical testing and final engineering work.