Zanaga Iron Ore Co Ltd posts audited results

Zanaga Iron Ore Co Ltd posts audited results

Zanaga Iron Ore Co is one of the biggest fallers on the AIM this morning, dropping 23.64 percent after have publishing their audited results for the year ending 31st December 2014. They disclosed a cash balance of $12.5 million at the end of 2014 and and $10.4 million at the end of May 2015.

The company has just completed a feasibility study and received its mining license. However, Clifford Elphick, Non-Executive Chairman of Zanaga Iron Ore Company Limited, commented: “these positive developments have been discounted to some extent by a number of significant changes in the global iron ore industry. A major negative impact has been the substantial fall in iron ore prices due to the slow down in the Chinese economy reducing demand, as well as significant supply increases from the major diversified mining companies”, suggesting that the company many be in for a hard time.