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

05/06/2012 | 12:07pm US/Eastern

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, alexis.flynn@dowjones.com

Stocks mentioned in the article : Bellzone Mining PLC
Latest news on BELLZONE MINING PLC
4d ago BELLZONE MINING : Change of Registered office
10/13 BELLZONE MINING : to raise up to £1.7m
10/13 BELLZONE MINING : Notice of Extraordinary General Meeting
10/10 BELLZONE MINING : REPEAT: Bellzone Secures Short-Term Funding Via China Sonangol..
10/10 BELLZONE MINING : Secures Short-Term Funding Via China Sonangol Placing
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09/24 BELLZONE MINING : Funding update and suspension of securities from trading on AI..
09/22DJHigh-Cost Iron-Ore Producers Face Funding Shortfalls
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