logo-loader
viewBellzone Mining PLC

Bellzone Mining ships first iron ore from Forecariah

ironsteel350x230_50e54042c0ee9.jpg

Bellzone Mining (LON:BZM) has made its first shipment of iron ore from the Forecariah joint venture in the Republic of Guinea.

Bellzone’s chief executive officer (CEO) Glenn Baldwin said the shipment of 63,000 tonnes on December 26 was made before the company's self-imposed deadline.

“The operations had produced and moved enough ore to Konta to fill a large Cape sized vessel by the beginning of December 2012,” said Baldwin.

“However, we have been informed that the transhipping system did not perform as expected.”

The company said that in the short-term, the transhipping performance will be addressed by chartered geared ships capable of loading from the barges while work continues to redesign and re-engineer the loading and offloading configuration.

“We expect the re-engineering process to take at least six months. The use of geared ships is expected to increase the shipping costs,” Baldwin added.

“The JV is fully funded and has the flexibility to adjust production and shipping to be self-sufficient from a cash perspective and optimise margins.”

The Forecariah JORC statement, which was completed in December, is currently under review by the JV management and an announcement should be made within the next two weeks.

Shares lost 7% to 15.12p.

 

Quick facts: Bellzone Mining PLC

Price: - -

AIM:BZM
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

SkinBioTherapeutics CEO hails 'significant scientific milestone' with...

SkinBioTherapeutics PLC's (LON:SBTX) CEO Stuart Ashman speaks to Proactive's Andrew Scott soon after updating investors on the progress of its cosmetic skincare programme and plans for a psoriasis food supplement trial. Sederma, its partner in the cosmetics programme and a division of Croda...

21 minutes ago

2 min read