Bellzone starts share buy back

Miner Bellzone rose on Wednesday after it began a multi-million dollar share buy-back scheme.

The firm has the mandate to buy up to $3m of its stock from shareholders, equivalent to 1.6% of its issued share capital.

It will do this through market purchases of the company's own ordinary shares, with the cost based on the prevailing market price quoted on AIM.

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Nik Zuks, Bellzone's Chief Executive, said the buy-back represented an opportunity to return value to shareholders while the company's shares were at very depressed levels.

"We remain well funded with $105m of cash on hand as at 31 May 2012, with [the] Forecariah [mine in Guinea] fully financed to production," he said.