A concept study on the viability of a floating dewatering, storage and offloading port facility (FDSO) at Aim-listed Zanaga Iron Ore Company's (ZIOC's) Zanaga project, in Congo-Brazzaville, has demonstrated the potential for a $184-million reduction in capital costs.
There is no change expected to operating cost, but there is significant net present value and internal rate of return improvement, the company states.
"We are pleased to announce the conclusion of a concept study into a floating port facility for the Zanaga project. This evaluation exercise demonstrates the clear potential of a floating port facility to enhance significantly the economics of the Zanaga project through the reduction of upfront capital costs and enhanced internal rate of return,” commented ZIOC nonexecutive chairperson Clifford Elphick.
Moreover, he notes that there is potential to achieve significant ancillary technical benefits such as a reduced environmental impact, the elimination of dredging and significant flexibility on coastal route selection.
COVID-19 UPDATE
Following the outbreak of the coronavirus, the project team has been implementing and expanding a range of measures to protect the health and safety of employees and subcontractors and contribute to efforts to prevent the spread of Covid-19 in the country and the local communities around the project.
The team is meeting continually to ensure protective measures are rapidly being implemented in accordance with the advice and guidance provided by government.
Regular communication has been maintained with the company’s teams and the communities around the project site on all matters relating to the coronavirus with a strong emphasis on the importance of hygiene and physical distancing.
The country’s guidelines involved comprehensive measures to combat the virus including a full lockdown restricting movement of the population that ended on May 17.
However, a curfew remains in place daily between 20:00 and 05:00 and a number of measures have been enacted by the government to protect the health of the population.
The project team has enacted all required procedures to ensure compliance with these new regulations.
No incidents of Covid-19 have been recorded among any of the project's employees or subcontractors.