Member Info for Walko

They are being led around by the nose by the receivers appointed local manager who was a political appointment by Bellzone a number of years ago. This person looking after the suffering shareholders interests in Guinea was in the past a fuel pump operator and worked for an NGO.

The company in question, Terracom, are small time coal producers in South Africa and Australia and just had a financial reset, suggest you check their website in Australia. They have no expertise in Iron ore. They did manage to score a Bauxite lease in Guinea as well as I understand it.

They do not have the financial means to develop Kalia and will need a partner with deep pockets.

I have written to Terracom offering advise and information but there has been no response.

It looks like Bellzone (Kalia) was taken over by some US company - consortium.

Some Indian company took over - or tried to take over (with much fanfare) the Forecariah operations but then it all died down and to my knowledge nothing is happening.

This is a message just received from Guinea (in French):

j’ai été informé que le gouvernement a donné le port de Konta à un autre investisseur dont j’ignore le nom; et que le premier Ministre et le Ministre des mines étaient tous à la cérémonie à Konta.

I also suggest that the government will withdraw the permit for Kalia in the very near future.

I think no good waiting to sit around to get anything from anywhere........

I love to see the receivers go in and do something .... maybe pigs will fly.

Publié le 10 décembre 2018 - Mis à jour le 10 décembre 2018

Follow this link to get some local news about Bellzone:

https://www.guinee360.com/10/12/2018/secteur-minier-disparition-de-191-milliards-864-millions-de-gnf-entre-la-douane-et-le-tresor-public/

Call Bellzone and ask them to answer with a yes or no - I and the whole of Conakry know it.

Bellzone and their major shareholder better come up with something good now - believe me when I tell you that there is no cheap solution, furthermore, a solution for what?

A large but low grade iron ore deposit that requires an investment of nearly US $ 900 million to develop about 120 MT of DSO with an iron ore content in the mid fifties, from memory the best is about 58% (from memory the operating cost for this is more then the price of iron ore in the last study). After that it is all magnetite and the cost to start that up is US $ 2 billion dollars plus. Read all the studies they have done, it is clear and simple to understand. (I do acknowledge that a cheaper alternative exists someplace for the startup of the DSO mining and shipping, about US $ 350/400 million, using that it may be possible to make some money out of it).

A nickel deposit ??? no bulk sample ??? no FS ??? I refer to my previous postings which explain my sentiments on this "nickel deposit". They are easily confirmed if you contact the old Bellzone Chief geologist, who knows the deposit better than anyone.

For all the claims made about the value of the "amazing deposits" I cannot see potential buyers for the iron ore or the nickel lining up .......... I wonder why.

I am no ramper - I am a realist - I am a shareholder also but I have written them of long ago. I was told at the time that the shares would easy go to 1,2 Pound sterling (1 pound and 20 pence) at that time with the iron prices flying high that may have been possible but I considered that a bit optimistic and I was happy to settle for 1,2 dollars. (1 dollar and 20 cents).

Lets see what they pull out of the hat next.

The latest from Guinea is indeed a bit like the titanic going down.

There were meetings with the government in Guinea - Julian was in town for this.

This is the message in French received - loosely translated below:

C’est à la dernière minute que BELLZONE se réclame propriétaire du port de Konta. Son CEO a passé 48 H en Guinée pour négocier avec le gouvernement. Bellzone veut louer le port le Konta a une autre société minière pour 25 ans. Le Ministre des Mines a dit non.

Bellzone claimed ownership of the port - (whatever that implies as the own the own but not the equipment on it).
Bellzone asked if they could lease the port out to some interested party.
The government said no.

I suggest that the government may have alternative plans for the Konta port.

Nothing further to say.

I forgot to mention that the transshipping distance is about 27 Kilometres from Konta Port to deep water.

The shipping channel from Konta Port to deep water was dredged out but to dredge it any deeper will be cost prohibitive as there is an area just before the Tannah peninsula (about 1.1 Km in length) which is rocky; to dredge this may mean drill and blast and that is expensive so you are stuck with the current depth unless you are will willing to spent big bucks.

There was at one stage provision for a storage vessel to be anchored in deep water so ships could be loaded quickly but I understand it never happened or they sold it before it was used (I am not sure of that story).

Cost to maintain a floating storage facility of 60/70 000 T ??? - expensive (check it out yourself) - plus the cost of one more material handling operation....

Konta Port

Last time saying to all – stop having wet dreams about the port.

Bellzone owns the land. The Forecariah JV owns the equipment on it. I can not make it any clearer.

There was never any agreement or arrangement on the use of the land or port between the JV and Bellzone.

The land was first sold to Bellzone on or about December/January 2014 and was then registered into the name F. Materne (who was not even in the country at the time).

The land was afterwards transferred (in September 2014 from memory) into the name of Bellzone itself.

The road from the JV mining operations, which are in a place called Laya, to the port of Konta is about 73 km in length. There has been little, or no maintenance done to that road over the last 5 years, so it could have a few issues. However, the basic foundations of this road may still be in a reasonable state.

I fully agree with what Sparky wrote:

“the quickest and ship was loaded 63,000 in 9 days the longest 58,000 in 26 days - on average loading was between 15-17 days”. I suggest that is substantially correct and that should give everybody a clear explanation of what was “constructed” and how well it all operated.

There is a barge sunk in front of the wharf – I do not know if it is still there, but I believe so.

I hope this settles every argument on the port – again read all my messages previously posted – they are all 100% true and correct.

Think for yourself, what can the government do?

If they (BZM) do not have the money they do not have the money - the government is not going to give it to them.

Under the mining act and whatever other agreements BZM have negotiated with the government there will be certain mile stone dates that have to be achieved, if that does not happen the government has the right to withdraw the permit.

Be assured that the government is following this closely.

Read my previous postings and then work it out for yourself - if BZM is so valuable and has such a great resource etc... why can they not find a partner or investor? I have explained this all in great detail previously.

Walko is watching and smiling sadly at all the posts written.

I take no pleasure in what is happening as once again Guinea is the looser here.

People clinging on with their fingernails about making some money with the port think again.

The land is in the name of Bellzone but the all the equipment on top of it belongs to the bankrupt Forecariah JV.

The Forecariah JV owes a lot of money about the place so you try and touch it and the creditors will be all over you like a bad rash.

Read all the posts again I have written over the last few years.

Just for your information am not an angry or disgruntled ex employee - but I am ashamed that I have been associated with this company - Bellzone used to be the toast of the town in Guinea - believe me when I say that I have gone the extra mile (and then some) for this company - I have not lost any money at all - I am certainly not a ramper or deramper and I have no interest at all in trying to destroy Bellzone (as you can see from the share price they need no help).
I just say it as it is.

I know Bellzone better than anyone and for longer than anyone - inside out.
The current share price is a clear indication of where this is heading........
I suggest there is no solution unless a white knight steps in but I doubt that very much
I have read lots of comments on the value of the port ..... they only make me laugh
Again I repeat the port land is owned by Bellzone - but the plant and equipment erected on it is owned by the now bankrupt Forecariah JV - so try and sell that to anyone if you can.
On top of that there is a fully loaded barge (with about 10 000T of iron ore)sunk in front of the wharf
I refer to all my previous posts about Bellzone, the iron ore resource and the nickel - read them again let it sink in and make up your own mind - every word is a fact.
Further more all the information i have quoted on this forum is freely available on the internet as well
Stop dreaming

The national assembly signed of on the Bellzone Ferronickel paper - what that means going forward remains to be seen.

The workers are still on strike and refuse to return to work until the wages owing have been paid - this means the bulk sample is not going anywhere fast.

Let see what Bellzone does next - should be interesting

Here is a bit of an update. Firstly on the port in Konta – Bellzone owns the land but the plant standing on top of it belongs to the bankrupt Forecariah JV so I suggest that trying to touch that or sell that port could be interesting. Secondly a barge loaded with about 8 000T of iron ore sank right at the wharf and has been there for a number of years now. Thirdly and most importantly I suggest that the famous bulk sample is not going anywhere right now as the Bellzone people are on strike again, they have again not been paid for whatever reason.

Bulk sample has NOT been send

Update JORG around April - May !!!!!!!! you are dreaming - they just putting the staff on technical leave again - however the wages were paid on time for January

The Nickel story: There is indeed evidence of Nickel in the area that borders unto the Mareela (Mitsubishi) lease in the North West corner. I stated before, and I repeat, that the grades reported are relatively low (check this against to other Nickel operations in the world) and the area in which Ni was found is not very large either, it is just in 1 corner. In my opinion it will not fly, but do your own research. I was interested to read the post from Kevmb about the board the board considering legal action about some posts, the truth must hurt them badly. Rather than listening to the CEO giving interviews that make everybody feel good he, the CEO, should be answering questions about his own performance in running this company, unpaid wages for 6 months to employees, how can he let that happen? Why did this happen? What it the story of refusing to pay wages to employees unless the government signs some agreement? As CEO he is no doubt aware of all this so please explain that one to the shareholders. Furthermore, I suggest that the CEO should also publish the letter written by the employees union to the board and to him on the 11th December about unpaid wages for 6 months, intimidation and threatening employees and explain how these things were allowed to happen on his watch. I am a shareholder in this company and I do certainly not appreciate the actions of the board, the CEO and the management, unpaid wages for 6 months, intimidation and threatening employees����� what else is going on??? If this is how they treat their employees what chance do we shareholders have. I am ashamed to be associated with it all.

This is getting painful to read peoples wet dreams about BZM and a rosy future. These are the facts for the last time, all this information in this post is available publically so do your own home work. The iron ore: BZM do not have a world class resource of iron ore � they have a very large resource of mainly low grade iron ore, of which about 120MT is DSO (but even that averages only to about 55% - so you are not going to get much money for that) � actually I doubt you get much more than US$ 50 - 55/T but check market pricing for 55% iron ore. The rest is basically magnetite � to build a magnetite plant and everything that goes with it requires more than 1.5 Billion dollars to produce 20MT/Y (this was costed as part of the FS submitted to the government in 2010). There is no rail to ship the iron ore from Kalia to the coast, that was costed as well in the same FS again 1,4 billion dollars. There is no iron ore port, that was costed as well in the same FS, again a billion dollars. I think that clearly shows the end of this mine, rail and port idea; either come up with more than US $ 3 billion or forget about it. An alternative considered by BZM was shipping iron ore by road (mining the DSO only to start producing), an FS was done by Fluor for this scenario, and cost was US $ 960 Million; there was an alternative internal proposal put to management for about $ 450 Million or there about. The operating costs for the DSO mining and trucking operation were estimated well above US $ 50/T (not including transshipping which would add another US$ 3.5 to 4.0/T). No good dreaming of using the port at Konta � that is useless scrap iron at best. While BZM owns the land the structures erected on the land are part of the Forecariah JV which is in receivership so good luck getting on that land. If you manage to load out via Konta port you have to transship by barge and the channel will only accommodate 7000/8000T barges + tugs (from memory the tugs are the problem with regards to draft) for a distance of about 30KM to deep water (look at google earth) � simply put: round trip 24 hours for 8000/T so how many tugs and barges are you going to have in operation to ship even 10MT/year? It is not possibility to ship iron ore out of Conakry port at all, so whatever money has been spend in the last few years or is forecast to be spend in the next few years on extending this port does not help at all and neither do any of the new roads envisaged in the near future, there is nothing there that helps the BZM project. So no matter what anyone says, the CEO, people who have been there for 5 years or more� you are all ******* in the wind on that one my friends. Note that all this information is openly available to all just do your homework or come to Conakry where all this information floats about freely. The Nickel story: There is indeed evidence of Nickel in the area that borders unto the Mareela (Mitsubishi)

For those that are hoping (dreaming) that the government will develop infrastructure that will benefit BZM here is the plan of the Government as outlined for the next 3 years. Nothing good in there for Simandou nor for BZM at all, no power, no road no nothing. Le Chef de l�Etat guin�en a promis de r�aliser certaines infrastructures avant la fin de l�ann�e 2020. � Avant 2020 Souapiti sera termin�, le barrage de Foumi sera lanc�, koukoutamba sera lanc�, Amaria �galement sera lanc�. �a sera � l�actif de la troisi�me R�publique. Il n�y a pas de routes en Guin�e, je vous donne rendez-vous dans 3 ans, vous allez voir la route Conakry-Kankan, la diff�rence sera palpable. La route Dabola-Coyah va �tre commenc�e cette ann�e, la route Kouroussa Dabola la m�me chose, finalement vous n�aurez pas de probl�me en venant � Kankan. D�autres routes �galement seront retouch�es comme Coyah � la fronti�re avec la Sierra Leone, la route Kankan-Kerouan�-Beyla ou Kankan Mandiana, la route de Bok�-Telim�l�-Gaoual �, a promis Alpha Cond�. The last study (by Fluor) estimated a cost of US $ 960 Million for the iron ore development out of Kalia. There was an alternative study done for about US $ 400 Million. No good dreaming about Nickel, I suggest that the Ni grades and quantities are to low to warrant any investment at all - if you are not convinced I suggest you talk to the old chief geologist. Why otherwise more drilling.......... desperately hoping to find something...........