25 May 2012

Bellzone calm on Guinea licences review

07/03/2011 Robert Tyerman

West Africa-focused Bellzone Mining (BZM) insists the Guinea government's new plan to review mining licences should have only a 'minimal' effect on its operations. The Western Australia-based AIM company, which the other day raised £143 million at 80p from China International Fund and others for its major Forecariah iron ore project in the country, says it has given the government an option to acquire a 15 per cent of the project by the end of the year and believes it might want a higher stake.

Steered by entrepreneurial chief executive officer Nik Zuks, Bellzone hopes to complete a bankable feasibility study into Forecariah in 2011 and has suggested it could start production there by the first quarter of next year at an annual rate of three to four million tonnes. Company spokesmen say the Guinean government has always been supportive and argue the new initiative, advised by billionaire investor and philanthropist George Soros, has come in response to multi-billion dollar project stake sales and exchanges between mining majors, such as Britain's Rio Tinto, China's Chinalco and Brazil's Vale.

Highlighted by Growth Company Investor at 53.25p last August, Bellzone shares now trade at 82p, down 2.25p this morning, valuing the company at £436 million. Partial profit taking might be prudent, whle keeping some for further potential growth.

Tags: AIM, George Soros, Guinea, Iron ore

Sector: Mining

Companies: Bellzone Mining

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