Bellzone to invest $4.5 billion in Guinean iron ore exploitation

Wednesday, 10 September 2008 16:24:51 (GMT+2)

Bellzone Holding, a subsidiary of Australia-based Bellzone Mining, has announced its intention to invest $4.5 billion for the exploitation of a one billion metric ton iron ore deposit in Kalia, central Guinea.

"We are in talks with the Guinean government about signing an agreement in December 2008 to exploit the deposit. If we have an agreement by the end of the year, we will begin production in about 2011 or 2012", stated Bellzone Holding's managing director Alexandre Orlov.

Initially, Bellzone Holding expects to produce about 50 million metric tons of iron ore per year at the deposit. The project is to create about 25,000 new jobs.

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