Bellzone zooms as Guinean project receives government boost

Bellzone Mining saw its share price rocket on Monday after he National Assembly of The Republic of Guinea unanimously ratified an addendum concerning its Kalia Mine and associated infrastructure.

The AIM-listed iron ore miner said the addendum provides the legal framework for commitments by Bellzone to determine the feasibility of its planned ferronickel project, implement such a project and to define the path towards the realisation of the world-class iron ore project at Kalia.

A statement from Bellzone said: “Bellzone wishes to place on record our deep appreciation for the strong support of the Guinea government as a whole, as well as the President, secretary-general and deputies of the national assembly.”

The company said it will continue to press on with the preparation of the ferronickel bulk sample with the aim of achieving conclusive feasibility study results by the end of 2018.

Located approximately 300km to the east of Conakry in the Republic of Guinea, the project is 100% owned by Bellzone and is host to JORC-compliant resources of 6.16bn tonnes of iron ore and 79.3m tonnes of nickel ore.

“In particular, we are immensely grateful for the consistent commitment of the minister, secretary-general and staff of the ministry of mines & geology, as well as the governor, the prefect and community of Faranah where our Kalia mine is located,” said the company’s statement.

As of 1236 BST, Bellzone Mining’s shares were up 68.18% at 0.93p.