iron ore news

(Reuters) - AIM-listed Zanaga Iron Ore Co has been granted a mining licence for its iron ore joint venture with Glencore, in the Republic of Congo, the company said on Friday. The company's main mining project, to be developed in two stages, aims to harness one of the largest iron ore deposits in Africa and Zanaga said the licence will allow it to mine for an initial period of 25 years. The licence can be renewed for 15-year periods, subject to to further applications, Zanaga added. The company also said it signed a mining convention with the government, setting out financial and legal terms related to the construction and operation of the project. Zanaga Iron Ore owns 50 percent less one share in the project through its joint venture with miner and commodities trader Glencore.