Bellzone Mining’s losses widen

Aim-listed Bellzone Mining yesterday announced a full-year loss of $54.6m (£35.5m), compared to a loss of $44.4m the previous year, due to the expense of exploration and staffing costs to bring a new project into operation. “Bellzone had a cash balance of just over $20m at the end of May 2013,” said chief executive Glenn Baldwin. “Based on our planned activities this is sufficient to see us into the second half of 2014.” Belzone’s share price closed 11.8 per cent down at 3.53p.