Bellzone signs infrastructure accord with Guinea on Kalia iron project

Thursday, 17 June 2010 16:32:17 (GMT+2)

Bellzone Mining Plc, a New Jersey, US-based iron ore miner with iron ore assets in Guinea, West Africa, has announced the signing of an infrastructure accord with the Republic of Guinea for the exclusive right to complete the technical and economic feasibility studies for the rail and port infrastructure required to transport and export iron ore from its Kalia iron project.

Bellzone has defined a maiden inferred iron ore magnetite JORC resource of 2.4 billion mt at its wholly-owned project in Guinea and believes that there could be more than 13 billion mt of reserves in the area.

With this accord the company has acquired exclusive rights over the identified infrastructure rail route and port area with 30 months to complete the feasibility studies and negotiate with and have it approved by the government of Guinea.

The feasibility studies for the Kalia infrastructure will be funded by China International Limited (CIF) and will be supervised by a steering committee including state officials.

As SteelOrbis previously reported, on May 24 CIF and Bellzone reached a binding memorandum of understanding (MOU) with CIF with regard to the financing of the infrastructure required for the Kalia iron project.

Bellzone CEO and founder Nik Zuks commented, "We are now in a position to develop and implement a fully funded infrastructure solution with our partner CIF and have government support to develop it."

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