Bellzone Mining PLC Mining Convention and Funding Update (9065A)
29 March 2017 - 10:33PM
UK Regulatory
TIDMBZM
RNS Number : 9065A
Bellzone Mining PLC
29 March 2017
29 March 2017
Bellzone Mining plc
("Bellzone" or "the Company")
Mining Convention and Funding Update
Mining Convention
Bellzone (AIM: BZM) announces that following a meeting with the
Guinea Minister of Mines and Geology in Conakry on 22 March 2017,
the Minister has written to affirm the Government's agreement with
respect to the development and exploitation of the ferronickel
sub-project contained within Bellzone's Kalia iron ore concession.
The Minister's letter expresses his hope that Guinea and Bellzone
will make their best efforts to reach a consensus on any
consequential residual points so that a formal record of the
agreement can be signed within one month.
The 2010 Mining Convention (the "Convention de Base") for
Bellzone's Kalia Mine and associated infrastructure was passed into
Guinea law through Presidential Decree on 31 August 2010.
Negotiations to up-date the Convention de Base by way of an
Amendment Agreement commenced in late 2015 as part of the national
programme undertaken by the Technical Committee for the Review of
Mining Titles and Conventions (the "CTRTCM") overseen by the
Strategic Committee. These negotiations have subsequently continued
with the Ministry of Mines and Geology after the closure of the
statutory review process in April 2016.
Funding
Consequent to the progress made towards the conclusion of
negotiations on the revised arrangements for the Kalia Mine,
Bellzone has today completed the final drawdown of US$0.5 million
from the first loan facility of US$6.5 million agreed with Hudson
Global Group Limited ("Hudson") and announced on 24 December 2015.
Bellzone's remaining 2017 working capital needs will met by drawing
on the second loan facility from Hudson of US$4.0 million announced
on 28 December 2016.
Enquiries:
Bellzone Mining plc
Simon Edwards +44 (0) 7767 492 712
WH Ireland Limited
Nominated Adviser and
Broker
James Joyce / James Bavister +44 (0) 20 7220 1666
Bell Pottinger
Financial Public and Investor
Relations
Marianna Bowes +44 (0) 20 3772 2500
http://www.bellzone.com/
This information is provided by RNS
The company news service from the London Stock Exchange
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