25 May 2012

Bellzone boosts iron ore estimate

23/06/2011 Robert Tyerman

West Africa-focused Bellzone Mining (BZM) has lifted its estimate of magnetite iron ore resources at Kalia in Guinea 71 per cent to 6.4 billion tonnes.

Based in Western Australia and quoted on AIM, the company says the drilling programme it started last year should lead to a new formal resource estimate by the third quarter of this year.

Steered by entrepreneurial chief executive officer Nik Zuks, Bellzone began the drilling last year to increase the 690 million-tonne measured and indicated portion of its formal resource estimate (then standing at 3.74 billion tonnes of iron ore) at Kalia. The company says it is also seeking to extend the resource area by 10,000 metres and thus to increase the resource estimate further, to more than seven billion tonnes in the first quarter of 2012. Noting that magnetite ore is most suitable for producing 'premium-quality, low-impurity steel', Zuks says demand for this type of steel from China and India is continuing to increase and argues that Kalia's ore 'ensures Bellzone is in a position to supply the market for many years to come'.

Growth Company Investor recommended Bellzone shares at 35p last year, later suggesting partial profit taking at 82p. They now trade at 38p, valuing the company at £274 million, at which they retain medium- to longer-term speculative appeal.

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Tags: AIM market, China, Guinea, Nik Zuks, Steel

Sector: Industrial Metals

Companies: Bellzone Mining

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