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CEO Says Bellzone Made “Real Progress” in the Past Six Months with Kalia Mine Plus Infrastructure Accord Signed with Guinea

August 31, 2010

Bellzone made ‘real progress’ in past six months – CEO
 
By: Chanel de Bruyn
31st August 2010

JOHANNESBURG (miningweekly.com) – West Africa-focused Bellzone Mining was looking forward to the next 12 months as it continues with the development of its flagship Kalia iron-ore mine, in Guinea.

Commenting in an interim report to shareholders, CEO Nik Zuks said that the company had made “real progress” during the past six months and that it was on schedule to meet its 2014 production targets.

The company had, during the six months ended June 30, 2010, listed on the Aim and signed a funding and development agreement with the China International Fund (CIF) to develop rail and port infrastructure for the Kalia project.

An infrastructure accord had also been signed with the government of Guinea.

The Kalia project would start production in 2014, with stage-one output of 20-million tons a year of direct shipping ore. A further 10-million tons a year magnetite concentrate would be added in 2015.

Direct shipping ore production would increase to 30-million tons a year by 2017, while the concentrate capacity would double to 20-million tons a year by 2018.

In the next six months, Bellzone would complete the magnetite metallurgical bulk sample to define the design of the processing plant, while also continuing exploration to increase the project’s 2,4-billion ton magnetite resource and to define a maiden oxide resource.

Further, the development company would also attempt to fast-track the development of its Forecariah project, in south-west Guinea.

By the third quarter of the year, Bellzone and the CIF planned to have formed a 50:50 joint venture to finance, develop, produce, transport, export and sell iron-ore from the Forecariah permits, which were currently owned by a CIF subsidiary.

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