Guinea-focused miner Bellzone said it has sold a bulk-carrying ship after a cut in its iron ore production forecasts at its Forecariah mine earlier this year meant the vessel was no longer needed.
The ship - FGM Iron - has been sold for a consideration of$8.9 million, Bellzone said.
The firm said in March that Forecariah, a joint venture with China International Fund, should produce 800,000 to 1 million tonnes of iron ore this year - potentially less than a quarter of original forecasts, after the miner found less direct shipping ore - which can be shipped straight to a steel furnace - than expected.
Bellzone said the FGM Iron was not needed given the current levels of Forecaria production.
The company said the use of a future trans-shipment system is currently being looked at for its other larger asset in Guinea, Kalia, with news expected in the third quarter. (Reuters)