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.