Bellzone Mining raises $51 million through AIM offering

Thursday, 01 April 2010 13:43:32 (GMT+2)

Bellzone Mining Plc, a New Jersey, US-registered emerging iron ore miner with assets in Guinea, on April 1, commenced trading of shares on the Alternative Investment Market (AIM), London Stock Exchange's (LSE) international market for growing companies.

The company raised £33,6 million ($51 million), selling 96 million shares for £0.36 each in an initial public offering to invest in its flagship 100 percent owned Kalia mine in Guinea.

As SteelOrbis previously reported, the company has already defined a maiden inferred iron ore magnetite JORC resource of 2.4 billion mt at its Kalia project and believes that there could be more than 13 billion mt of reserves in the area. The project is is due to launch output of 20 million mt per year in 2014, increasing to 50 million mt in 2018.

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