Mining group Xstrata has made its first entry into the iron ore sector by funding an exploration project in the Republic of Congo.
Anglo-Swiss Xstrata will pay at least $50 million towards prospecting and a pre-feasibility study of the Zanaga project in the Lekoumou district of the Republic of Congo, also known as Congo Brazzaville.
“We’ve always said that we were interested in iron ore and this looks like a very interesting opportunity to enter into a very early stage project,” according to spokeswoman Claire Divver.
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