30 Jun 2011 07:00
30 June 2011
Bellzone Mining plc
("Bellzone" or the "Company")
Annual Report and Accounts 2010
Bellzone Mining (AIM: BZM) today announces it has posted to shareholders its Annual Report and Accounts for 2010 (the 'Report & Accounts').
Copies of the Report & Accounts are available from the Company's website www.bellzone.com.au
Enquiries: | |
Bellzone Mining plc | |
Terry Larkan | +61 (0) 8 9420 8900 |
Canaccord Genuity Limited | |
Nominated Adviser and Joint Broker to Bellzone | +44 (0)20 7050 6500 |
Andrew Chubb/Tarica Mpinga | |
Renaissance Capital Limited | |
Joint Broker to Bellzone | +44 (0)20 7367 7777 |
Jeremy Wrathall | |
Tavistock Communications (UK) | |
Jos Simson/Paul Youens | +44 (0)20 7 9203 150 / +44 (0)7899 870 450 |
PPR (Australia) | |
David Ikin | +61 (0) 8 9388 0944 / +61 (0) 408 438 772 |
Bellzone Mining Plc
Bellzone Mining plc is the iron ore and nickel/copper company developing the Kalia Mine Project, the Forécariah JV and the Sadeka nickel/copper project in the Republic of Guinea, West Africa.
Kalia Mine
The Company's flagship project, the Kalia Mine Project, has a magnetite JORC resource of 3.74 billion tonnes, located on the Kalia I prospect and an initial oxide JORC resource producing 43 million tonnes of 58% product from just 4.3% of the 55km2 of the mapped surface oxides on the Kalia permit. Drilling results and internal estimates indicate that the Kalia Mine Project has the potential to host more than 10 billion tonnes of magnetite and 2 billion tonnes of oxide.
Bellzone plans to develop the Kalia Mine Project in two stages;
·; commencing with a 20mtpa oxide production facility in 2014 and a 10mtpa magnetite concentrator in 2015,
·; stage two increases oxide output to 30mtpa in 2017 and doubles the concentrate output to 20mtpa in 2018.
CIF - Project, Financing & Infrastructure Partner
Bellzone has a Definitive Agreement ("the Agreement") with China International Fund Limited ("CIF"). The Agreement gives CIF right of first refusal to purchase the Kalia Mine Project' s iron ore production benchmarked to market rates on terms to be finalised and CIF commits to providing Bellzone commercially related funding for the development of the Kalia Mine Project.
The Agreement contains CIF's commitment to fund and build a commercially operated rail and port infrastructure that will enable Bellzone to export production from Kalia Mine Project. The infrastructure is being developed by Kalia Horizon Minerals Pte Limited that is 90% owned by CIF with Bellzone having a 10% carried interest. The Agreement provides for Bellzone to be most favoured customer and to be charged transport rates equal or less than 3rd party with permanent priority access.
Forécariah JV
In addition to the Kalia Mine Project, Bellzone and CIF have fully funded a joint venture to undertake the accelerated exploration and development programme at CIF's Forécariah iron permits that lie between 30 and 80 kms from the Guinea coast.
Production will start in Q1 2012 and will target an initial production rate of 3-4 mtpa of oxide ore ramping to a rate of 10 mtpa in 2013.