Zanaga Iron Ore Company (LSE:ZIOC) announced the completion of its project development strategy programme, with the final DRI flowsheet costing and OEM studies incorporated into an updated April 2026 economic model.
The Programme, launched in March 2025, assessed a DRI pellet‑feed flowsheet, thickened tailings, pipeline options and contractor engagement, and positions Zanaga, the Republic of Congo iron ore developer, to move into detailed engineering ahead of a targeted Final Investment Decision in mid‑2027.
Key April 2026 metrics show Stage One capital expenditure of US$2.17 billion, Stage One NPV of US$2.54 billion (a c.30.9% increase versus the 2024 Feasibility Update) and a Stage One IRR of 22.5%.
The combined Stage One and Two case carries US$4.05 billion of capex, a combined NPV of US$4.90 billion (up c.29.4%) and a combined IRR of 24.3%.
Stage One processing, filtration and concentrate handling capital is estimated at US$753.7 million and operating processing, filter plant and product handling costs are reported at US$11.95 per tonne of concentrate.
The updated development strategy includes a modular 12Mtpa hematite concentrator (three 4Mtpa lines), thickened tailings storage, a 12Mtpa filter plant and a two‑stage 12/18Mtpa pipeline with an optional single 30Mtpa pipeline.
Extensive engagement with Chinese OEMs and construction groups in 2025 produced supplier pre‑qualification, lump‑sum cost frameworks and improved cost transparency, and a second RFQ and metallurgical bulk testing phase is planned for 2026.
"The completion of the DRI flowsheet costing and OEM studies is a milestone that confirms an integrated DRI‑producing modular design and thickened tailings significantly enhance project value while maintaining robust returns," Martin Knauth, CEO of Zanaga Iron Ore Company Ltd.
