25 May 2012

China group backs £143m Bellzone funding

01/03/2011 Robert Tyerman

China International Fund is putting up $100 million (£63.2 million) towards a $200 million placing by West Africa-focused Bellzone Mining (BZM). AIM-quoted Bellzone is raising the money at 80p through a placing partly underwritten by broker and nominated adviser Canaccord Genuity to take its Forecariah iron ore project in Guinea to production by the first quarter of next year at a targeted annual rate of three to four million tonnes.

CIF had already committed some $25 million to the project, spearheaded by Bellzone's chief executive officer Nick Zuks. Chinese backing has ensured a favourable response to the placing and the shares, highlighted by Growth Company Investor at 53.25p last August, now change hands at 78.5p, valuing the company at £422million.

Hold on for now

Tags: AIM market, Canaccord Genuity, Nick Zuks, Placing

Sector: Mining

Companies: Bellzone Mining

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