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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Bellzone Mining PLC    BZM   JE00B3N0SJ29

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China Fund, Bellzone Eye Rio Tinto's Simandou Project -Report

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05/06/2012 | 06:07pm CEST

China International Fund and London-listed mining company Bellzone Mining PLC (>> Bellzone Mining PLC) are planning to take over Rio Tinto PLC's (RIO, RIO.LN) share of the giant Simandou iron ore project in Guinea, the Sunday Times reports, citing a presentation from last year.

CIF, a company set up by a syndicate of Hong Kong traders and Angolan state-owned oil firm Sonangol, was joined by Bellzone in making a pitch to the Guinea government to develop the project even though Rio had already reached a deal, the Sunday Times reports, citing the presentation dated Aug. 2011.

"What's wrong with that?" said Bellzone Chief Executive Nik Zuks last week when asked if he was trying to take over Simandou despite Rio's contract, the Sunday Times reports.

Rio Tinto declined to comment when contacted by Dow Jones Newswires.

-By London Bureau, Dow Jones Newswires, +44 207842 9471, [email protected]

Stocks mentioned in the article : Bellzone Mining PLC
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Average target price 0,02 $
Spread / Average Target -8,3%
Managers
NameTitle
Julian Hong Lum Cheong Director, Chief Executive & Financial Officer
Michael James Wills Farrow Independent Non-Executive Chairman
Antony Royston Gardner-Hillman Independent Non-Executive Director
Simon M. Brickles Independent Non-Executive Director
Tong Yuk Ying Non-Executive Director
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