Zanaga Iron Ore Company announces its Annual Audited Results

Zanaga Iron Ore Company, the British Virgin Islands-based holding company for the Group Xstrata plc focused on developing a world class iron ore project in the Republic of Congo, announced the annual audited results for the year period ended 31 December 2013. In company’s fourth full year of operations it has made a profit of US$4.0 million, as compared to US$0.5 million profit in 2012.

The reported general expenses of US$5.2 million (US$6.0 million in the previous year) comprised of US$2.2 million professional fees (US$3.5 million in 2012), US$0.6 million Directors’ fees (US$0.5 million in 2012), and US$2.4 million of other general operating expenses (US$2.0 million in the last year).

In the reported year, cash balance of the BVI Group made US$24 million – a decrease by US$16.4 million (US$4.7 million in 2012), net of interest income US$0.1 million (US$0.2 million in 2012), and foreign exchange loss of US$0.03 million (US$1.6 million gain in the last year).

Net Asset Value of the company made US$232.1 million in 2013, as compared to US$228.1 million in 2012, comprised of US$208.5 million investment in the Jumelles Group (US$189.0 million in 2012), US$24.0 million of cash balances (US$40.4 million in 2012), and US$0.5 million of other net current liabilities (US$1.4 million in 2012).

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