Glencore has long been involved in the Zanaga iron ore project in the Republic of Congo, which holds billions of tonnes of reserves. In 2022, Glencore converted its interests in the project into shares of Zanaga Iron Ore Company (ZIOC). ZIOC has now released a project update.
Zanaga Iron Ore Company (ZIOC) announced on Monday that it ended its agreement with Glencore regarding the Zanaga iron ore project in the Republic of Congo, valued at $5.7 billion. ZIOC is raising funds, with $15 million allocated to repurchase and cancel Glencore's 43% stake in the company.
#ZIOC is pleased to announce an equity fundraise for gross proceeds of US$21.5 million, with potential to upsize to US$23.0 million, conducted by way of subscriptions to a group of high-profile investors with significant mining industry and project development expertise, and… pic.twitter.com/lc9oZ7SnGK
— Zanaga Iron Ore (@Zanaga_Iron_Ore) March 3, 2025
This move finalizes Glencore’s withdrawal from the project, which began in 2022 when it sold its majority stake in exchange for a 48% holding in ZIOC. Over time, Glencore’s stake has been reduced slightly. ZIOC also confirmed the cancellation of Glencore’s rights to purchase future production from the Zanaga project.
Glencore has not disclosed its reasons for exiting the Zanaga iron ore project in the Republic of Congo. The withdrawal coincides with new investors joining Zanaga Iron Ore Company (ZIOC). Among them are Greymont Bay, a consortium of mining investors, and Gagan Gupta, founder and CEO of Arise. Arise is developing several special economic zones across Africa, including one in Pointe-Noire, Congo.
In 2022, Zanaga Iron Ore Company (ZIOC) highlighted Glencore's investment as a key factor in reassuring investors and financiers about the project's viability, backed by one of the world’s largest iron ore traders. The Zanaga project requires an initial $2.2 billion investment to produce 12 million tonnes of iron ore annually in the first phase. With an additional $2.5 billion investment, the project could expand production to 30 million tonnes per year, according to a 2014 feasibility study.
This article was initially published in French by Emiliano Tossou
Edited in English by Jason Ange Quenum
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
• Senegal obtains a $307 million investment for cold storage infrastructure.• The project is a Public-Private Partnership (PPP) with Agricool.• It...
Trade deficit down to $758.9 mln in Q2 2025 from $867.3 mln a year earlier. Exports dropped 35.6%, while imports declined 20.5%...
Local firms deliver digital solutions for transport, health, and territorial admin. Systems include biometric licenses, hospital records, and local...
Brice Morlot moves from CFO to head of operations, replacing Lin Espey. Thomas Young shifts from strategy to CFO as company targets 90,000 bpd by...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...