Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
London’s AIM-listed Bellzone Mining announced this morning that its Forécariah joint venture project in Guinea has received approval to complete the first blast at Yomboyeli, allowing Bellzone to kick off iron-ore production by the end of the first quarter this year.
The Guinea’s Department of Mines and Geology (DMG)’s early endorsement, said the company, would allow processes and procedures to be tested and provide material to start production and stockpiling.
The mining, processing and mine hauling equipment, added Bellzone, are all on site and have been commissioned. Final adjustments of the crushing and screening plant will start with material from the first blast at Yomboyeli, scheduled for early March.
The first phase of the operations accommodation camp has also been completed, with operations and exploration staff having taken up residence.
The process plant earthworks have been completed and civil works is underway with final plant installation expected to be completed in early March, ahead of the first blast.
CEO Nik Zuks guaranteed the project would be in production and stockpiling material would commence as planned and on schedule.
“Bellzone, with a cash balance of $145-million, is in a strong position to manage its JV obligations and continue its operations and development plans.
“There is an air of excitement and expectation through the region, as we move into the final stages of bringing Guinea’s first commercial iron-ore mine to fruition,” he stated.
