20 Jun 2014 07:00
20 June 2014
Bellzone Mining plc
("Bellzone" or "the Company")
Forecariah Joint Venture Update
Bellzone Mining plc (AIM: BZM) provides an update on the operations of the Forecariah Joint Venture (FJV) in Guinea. The FJV has delivered 268,000 tonnes to market in 2014 and has 68,000 tonnes ready for shipping.
The Company has been informed that the FJV is in dispute with the contracted barge operator ("Trans-shipper") at the Konta Port, regarding issues raised by management on safety performance, efficiency of operations and charges raised by the Trans-shipper. The Company has been informed that FJV management is in discussion with the Trans-shipper and that FJV management does not expect to make shipments until the dispute is resolved. The dispute has not impacted production operations.
The Company also announces that it has been informed that a legal case that had been brought against the FJV in Guinea by a former contractor alleging an outstanding payment for construction works has been formally dismissed with costs in the Court of Appeal, Conakry.
Enquiries:
Bellzone Mining plc
Peta Baldwin, Corporate Affairs +44 (0) 1534 513 500
Investec Securities
Nominated Advisor and Broker
Chris Sim / Jeremy Wrathall / Jeremy Ellis +44 (0) 207 597 5970
Bell Pottinger
Financial Public and Investor Relations
Daniel Thöle +44 (0) 207 861 3232
About Bellzone Mining plc
AIM-listed Bellzone Mining plc ("Bellzone") is an iron ore producer and mineral developer focused on the Republic of Guinea, West Africa.
Kalia is Bellzone's flagship project, a 100% owned, high-value asset with JORC-compliant resources of 5.63 billion tonnes. According to the independent Bankable Feasibility Study, Phase 1 of the project has a projected 7 million dry tonnes of production at a saleable grade of 58% iron content per annum. Kalia has been granted all necessary mining permits for its concession, and the transport corridor on which the project is located has been declared a project of national interest by the Guinean government.
Forécariah is a 50:50 joint venture between Bellzone and China International Fund. Bellzone has a strong relationship with the Guinean government, having produced the first iron ore from the country in decades from Forécariah in 2012.
Bellzone's wider portfolio includes the rights to explore for nickel, copper, cobalt, manganese, platinum and chromium in a prospecting area of over 2,000km2, including the Sadeka nickel and copper project.
Bellzone is committed to operating responsibly, by minimising its environmental impact and supporting local communities. For more information, visit http://www.bellzone.com/