Bellzone Mining, an iron ore company focused on the Republic of Guinea in west Africa, says its Kalia project is viable.
Kalia is Bellzone's flagship operation and a feasibility study has shown the mine could produce up to 46m tonnes of oxide and magnetite per year by 2020.
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A "deferred ramp up scenario" has also been drafted which estimates costs at $570m.
Perhaps because of concerns over funding for Kalia, Bellzone's stock has fallen 3.2% in morning trading.
In a separate release the firm says its 'Forcariah' joint venture has delivered its first "lump" product, to the tune of 13,600 tonnes with a grade of 59%.
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