West African iron-ore miner completes US$133 million placement

Bellzone Mining announced on Tuesday that it had completed a US$133 million placement of 102 million ordinary shares. Canaccord Genuity Limited was the lead manager.

Bellzone, an AIM-listed company, is developing two iron ore and nickel/copper assets in Guinea, West Africa. The Kalia iron deposit, a 50mtpa iron ore operation, is the company's flagship project.

"In 2010, a magnetite resource of 3.7 billion tonnes was established over 6km of the 19km Kalia I strike, ore body extrapolation has shown the potential for a 13 Billion tonne resource over the 39km banded iron strike of Kalia I and Kalia II. Bellzone has implemented an oxide development campaign which should deliver a maiden oxide JORC resource in Q1 2011. Bellzone's partner China International Fund Limited (CIF) will fund and develop the rail and port infrastructure required to export the Kalia mine production."

Michael Allan McCrae wrote this story. You can contact him at [email protected].