ZIOC to buy back Glencore shares with new private placement

Zanaga Iron Ore Company (ZIOC), an iron ore exploration and development company incorporated in the British Virgin Islands, has announced an equity fundraise of $21.5 million from a group of influential investors in the mining industry, according to the company's news release on Monday. Some $15 million of the funds will be allocated to repurchase Glencore's 43% stake in the company, the release said.

ZIOC's well-known Zanaga iron ore project, located in the southwest region of the Republic of Congo close to the border with Gabon, is reputedly one of the world's largest untapped iron ore deposits. Boasting an iron ore reserve of 2.1 billion tonnes, the project is designed with a production