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Bellzone Mining's Guinea ferronickel project financially viable

Thu, 25th Aug 2016 14:38

(ShareCast News) - Iron, copper and nickel explorer Bellzone Mining's technical study for its Guinea mine said ferronickel production was viable but it will cost £51m to get it started.The AIM-listed miner's Kalia mine in Guinea consists of two large iron-rich mineralised deposits and a pre-feasibility study work conducted to date shows the first phase of Kalia's development is expected to deliver a positive return on investment, ahead of the planned development of the large-scale bulk export iron ore mine.This has resulted in Bellzone committing to completing a definitive feasibility study in accordance to the Joint Ore Reserves Committee (JORC) code 2012.Ferronickel production would cost about $51m and it would produce $5,359 per annual tonne. A base case assumption of a 10% discount rate would result in a break-even price of $10,617 per tonne.Bellzone plans to achieve first ferronickel production from Kalia in the first half of 2018, with exports expected to commence shortly after production commences.The company said the ferronickel project will provide a good platform for future development of the iron ore mine, enabling Bellzone to develop on-mine infrastructure and train staff conversant with the extraction and processing of both nickel mineralisation and bulk iron ore. There is reasonable scope to expand the project through future exploration within the area.Chairman Michael Farrow, said: "We are pleased that we are now able to confirm the viability of the potential to produce a ferronickel product in reasonable quantities and that there is every possibility for an economic and profitable project. We now look forward to completing what is required to upgrade this work to a definitive feasibility study and to commence construction as soon as the financing is in place."Preliminary feedback from relevant financial institutions has been positive and we will immediately engage in detailed discussions with them to work out what needs to be done to arrive at a definitive financing decision. The path to exploiting our Kalia iron ore reserves is clear and Bellzone will move as quickly as possible to begin production in Guinea."Shares in Bellzone Mining were down 26.94% to 0.227p at 1501 BST.

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14 Jan 2019 10:50

Bellzone Mining Shares Cancelled After Nominated Advisor Resignation (ALLISS)

LONDON (Alliance News) - Shares in Bellzone Mining PLC were cancelled from AIM trading on Monday following the resignation of its nominated advisor.Bellzone's shares were suspended on 3

3 Dec 2018 12:41

Bellzone Mining Shares Suspended Over Uncertain Financial Position (ALLISS)

LONDON (Alliance News) - Shares in Bellzone Mining PLC were suspended from trading on Monday after the company said it is looking to raise funds as its "capital position remains tight" a

31 Oct 2018 13:19

Bellzone Mining Non-Executive Director Michael Farrow Resigns

LONDON (Alliance News) - Bellzone Mining PLC said Wednesday that Non-Executive Director Michael Farrow resigned from the board with immediate effect.During his time with the mining company,

22 Oct 2018 13:28

Bellzone Mining Investors Vote Down Share Issue Plan For Second Time

LONDON (Alliance News) - Shares in Guinea-focused iron and nickel explorer Bellzone Mining PLC fell sharply Monday after its investors again rejected its request to enable it to issue new shares -

1 Oct 2018 18:20

Bellzone Mining Interim Loss Narrowes As Generates Modest Income

LONDON (Alliance News) - Bellzone Mining PLC said Friday that it slightly narrowed its interim loss as it generated a modest rental income.For the six months to June 30, the mining company

28 Sep 2018 17:34

CORRECT (Sept 27): Bellzone Mining Seeks Other Funding For Cash Flow

(Correcting lead that Bellzone in fact received no assurance on further funding from major shareholder)LONDON (Alliance News) - Bellzone Mining PLC said on Thursday that it has received no

27 Sep 2018 18:01

Bellzone Mining To Seek Alternative Funding For Cash Resources

LONDON (Alliance News) - Bellzone Mining PLC said on Thursday that it has received an assurance on further funding from its majority shareholder, Hudson Global Group Ltd, mainly on the undrawn a a

13 Aug 2018 11:09

Bellzone Mining Chairman Michael Farrow Steps Down From Role

LONDON (Alliance News) - West Africa-focused Bellzone Mining PLC said on Monday that Chairman Michael Farrow will step down from his role with immediate effect after eight years in the role since

11 Jun 2018 13:11

Bellzone Mining Start Talks To Maximise Value Of Assets

LONDON (Alliance News) - Bellzone Mining PLC said Monday it has commenced "active dialogue" with several parties to explore options to maximise the value of its assets.The company

25 May 2018 10:15

Bellzone Mining Loss Narrows As It Makes "Bigger Sacrifices" On Pay

LONDON (Alliance News) - Bellzone Mining PLC said Friday it narrowed its loss year-on-year as its operating costs fell on lower salaries.The company reported loss from continuing operations

1 May 2018 13:32

Bellzone On Track For November Completion Of Kalia Feasibility Report

LONDON (Alliance News) - Bellzone Mining PLC said on Tuesday a 250-tonne bulk sample excavation has started as part of its ferronickel feasibility report at its Kalia project in Guinea.The

23 Mar 2018 13:30

Bellzone Mining Amends Loan Agreement With Shareholders

LONDON (Alliance News) - Bellzone Mining PLC said on Friday that majority shareholder Hudson Global Group Ltd has agreed to amend loan agreements signed in December 2015 and

12 Sep 2016 14:50

Bellzone Mining loss widens as development continues

(ShareCast News) - Bellzone Mining announced its unaudited interim results for the six months to 30 June on Monday, with revenue remaining at zero and losses widening to $3.58m, from $3.69m a year ago. The AIM-traded firm said it was within the board-approved working capital budget by 10% at period

1 Jul 2016 15:09

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Bellzone Mining Share News (BZM)

Bellzone Mining's Guinea ferronickel project financially viable

Bellzone Mining Shares Cancelled After Nominated Advisor Resignation (ALLISS)

Bellzone Mining Shares Suspended Over Uncertain Financial Position (ALLISS)

Bellzone Mining Non-Executive Director Michael Farrow Resigns

Bellzone Mining Investors Vote Down Share Issue Plan For Second Time

Bellzone Mining Interim Loss Narrowes As Generates Modest Income

CORRECT (Sept 27): Bellzone Mining Seeks Other Funding For Cash Flow

Bellzone Mining To Seek Alternative Funding For Cash Resources

Bellzone Mining Chairman Michael Farrow Steps Down From Role

Bellzone Mining Start Talks To Maximise Value Of Assets

Bellzone Mining Loss Narrows As It Makes "Bigger Sacrifices" On Pay

Bellzone On Track For November Completion Of Kalia Feasibility Report

Bellzone Mining Amends Loan Agreement With Shareholders

Bellzone Mining loss widens as development continues

Bellzone Mining Appoints Cheong As Permanent Chief Executive

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Bellzone Mining Share News (BZM)

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