Load carrying belts, a conveyor system incorporating such belts and a method for transporting material from a loading zone to an unloading zone are provided. In one embodiment of a conveyor system, a specially configured belt is hung from a haul rope that loops around a pair of rotatable end sheaves. If necessary, there may be one or more intermediary support towers in spaced apart locations between the end sheaves having one or more support rollers over which the haul rope rides. The belt is specifically configured for hanging from the haul rope and providing one or more compartments within which the material being transported is enclosed. The compartment(s) may be opened in the loading zone to permit introduction of material to be transported into the compartment(s), closed between the loading zone and the unloading zone, and reopened in the unloading zone to permit discharge of the material. In some embodiments, the belt may include a plurality of corrugations in order to enhance flexibility of the belt.