Australian-based Bellzone Mining said it wants to raise $100m to accelerate its drilling programme and upgrade so it can achieve additional JORC resources and complete a feasibility study at Kalia, Guinea.

The company said it expects to complete the fundraising during the spring and subsequently intends to join the Alternative Investment market of the London Stock Exchange.

Bellzone has developed and defined a maiden inferred iron ore magnetite JORC resource of 2.4 billion tons at its wholly owned Kalia iron project in Guinea.