Shares in Bellzone Mining (BZM) plummeted 45 per cent in intraday trading after the iron ore miner cut its export target at its Forecariah joint venture in Guinea from 3m-4m tonnes of iron ore per year (mpta) in 2014 and 2015 to just 1mtpa. Bellzone blamed "the limited quantity of…resources" for the change in plan.
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High costs of about $90 a tonne including shipping fees suggest the project will only be marginally economic if iron-ore prices drop to the low levels experienced last year.