Bellzone Secures Funding for Kalia Project

Bellzone Mining has signed an agreement with China International Fund (CIF) for its Kalia iron project in Guinea, West Africa.

Bellzone said it has signed a Binding Memorandum of Understanding with CIF to finance the infrastructure required for the 2.4 billion-ton project.

Under the agreement, CIF will fund the entire infrastructure, which includes a rail system, bulk storage facilities, a port and its loading facilities and services, and power development.

In exchange, CIF will get an area equal to approximately 50% of the Kalia II Prospect and 100% of the Faranah Permit.

The agreement also allows CIF to have rights to purchase 100% of the off-take from the Kalia Prospect.

Bellzone and CIF have also agreed to create a joint venture to finance, develop, produce, transport, export and sell iron ore from the Forecariah Permits held by a subsidiary of CIF in south-west Guinea.