17th Sep 2013 08:31
LONDON (Alliance News) - Bellzone Mining PLC Tuesday said a feasibility study at its Kalia Project in the Republic of Guinea has provided strong results.
The iron ore, copper and nickel exploration and development mining company, with operations in West Africa, said the feasibility study showed the KP1 oxide mineral resources site at the Kalia Project has the potential to produce 7 million dry tonnes per year with 58% iron for the first 10 years.
The study also showed a total capital cost of USD865 million and the company said it is carrying out value engineering studies to reduce this cost, including a new road to the site and upgrades to operating facilities.
The study was carried out by Fluor Australia Pty Ltd and the site profile is supported by a high grade resource estimate of 124.2 million tonnes at 53.5% iron.
"I am delighted to see the release of this BFS which is the culmination of a great deal of detailed work and the study demonstrates a robust project," said Chief Executive, Glenn Baldwin, in a statement.
Bellzone shares were up 1.86% to 4.10 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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