Bellzone Mining prepares impact assesment for Kalia site

Iain Gilbert WebFG News | 10 Nov, 2017 13:27 - Updated: 13:26 | | |

camion-nickel-nouvelle-caledonie
  • 1.62
  • -1.52%-0.03
  • Max: 1.70
  • Min: 1.50
  • Volume: 1,640,347
  • MM 200 : n/a
17:17 22/11/17
  • 17,418.68
  • 0.93%159.99
  • Max: 17,496.08
  • Min: 17,256.79
  • Volume: 0
  • MM 200 : n/a
17:20 22/11/17
  • 1,029.23
  • 0.43%4.36
  • Max: 1,029.38
  • Min: 1,024.46
  • Volume: 0
  • MM 200 : n/a
17:30 22/11/17

West Africa-focussed group Bellzone Mining announced on Thursday that, via its wholly owned subsidiary OTN Mining, it had signed the previously announced amendments to the Republic of Guinea's mining convention, paving the way for the realisation of its iron ore project at Kalia.

Bellzone said the addendum to the African nation's mining code broadened laws and regulations that better aligned the firm's operations with Guinea's laws and regulations, as well as the on-going economic development of the country.

The company had already begun planning for an economic and social impact assessment for the proposed ferronickel smelters at its Kalia mine and, with an estimated submission date of October 2018, Bellzone anticipated the study be completed by the end of November 2018.

If the study was positive, development of the mine and production facility was slated to start within six months of the study's approval with commercial production expected to be achieved six months later.

Michael Farrow, chairman of Bellzone, said, "We are very pleased that we have now agreed [on] a legal framework which updates our existing Convention, by providing improved clarity on the path towards realising Kalia's unique potential and reinforcing competitive investment conditions."

As of 1500 GMT, shares had skyrocketed 77.78% to 2.80p.

More news

00:20 US close: Wall Street mixed ahead of Thanksgiving holiday

Wall Street finished mixed on Wednesday, following the record highs set the day before and amid lighter-than-usual trading volumes ahead of the Thanksgiving holiday on Thursday.

22 Nov Jefferies upgrades Kingfisher to 'buy', raises target price

Analysts at Jefferies upgraded home improvement products retailer Kingfisher (KGF) to 'buy' from its previous 'hold' rating on Wednesday, raising its target price from 310p to 400p along the way.

22 Nov Europe close: German stocks give back gains amid political impasse

Stocks ended the session modestly lower as traders waited for the release of the minutes of the US Federal Reserve's last rate-setting meeting in the evening and monitored the news-flow out of Germany, amid speculation that a 'grand coalition' between Germany's two main political parties, the centre-right CDU/CSU and the Socialist SPD, may yet be possible.

22 Nov Lebanon prime minister Hariri retracts resignation

Saad al-Hariri has revoked his resignation as Lebanon's prime minister, according to a local news report on Wednesday.

22 Nov Budget: Planning probe spooks builders, mixed reaction for stamp duty cut

A range of new housing policies were proposed by Chancellor Philip Hammond in his Budget statement, including more funds for smaller housebuilder, a probe into potential holding of land by major housebuilders and a stamp duty cut for first-time buyers.

22 Nov US open: Shares hold ground ahead of FOMC minutes

Wall Street is holding its ground following the record highs set the day before, albeit amid lighter than usual trading volumes ahead of the Thanksgiving Holiday on Thursday, with investors looking to the release of the minutes of the most recent meeting of the Federal Open Market Committee.

22 Nov London close: Stocks higher on UK budget

Shares closed higher on Wednesday as investors sifted through corporate releases as well as the Autumn Budget.

22 Nov FTSE 250 movers: Qinetiq boosted by Berenberg note as Thomas Cook tanks

The FTSE 250 index was up around 0.50% on the day in which Chancellor Philip Hammond revealed his budget for the upcoming year.

22 Nov Higher margins offset declining sales volumes at Cambria

Motor dealer Cambria Automobiles managed to successfully grow profit and revenue throughout the financial year, as per-unit profits counteracted a slide in sales volumes.

22 Nov First production at Texas asset transforms Pantheon Resources into full-cycle energy and power business

Oil and gas exploration firm Pantheon Resources announced "another year of progress" in its full-year results on Wednesday, as it completed the transition from a pure-play exploration company to a full-cycle energy and power business.