Fortescue Metals Inked Agreement on Gabon Iron Ore Exploitation Project

SEATTLE (Scrap Monster): Fortescue Metals Group Ltd announced that it has signed the Mining Convention with the government of Gabonese Republic for the Belinga Iron Ore Project in Gabon. The deal was signed through its incorporated joint venture company Ivindo Iron SA. The first mining is planned for second half of 2023, which is expected to open growth opportunities for Fortescue Metals and Fortescue Future Industries (FFI) across Africa.

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The Mining Convention establishes all the legal, fiscal and regulatory regimes for the 4,500 square kilometres in the northeast of Gabon, which also includes the Belinga Iron Ore Project.

Fortescue Metals Group expects capital investment of approximately US$200 million over calendar 2023-24 towards early stage mining development. This development will make use of conventional open pit mining methods to produce the ores, which will be transported to the Owendo Mineral Port, near Libreville by road or rail, from where it will be shipped to various destinations.

Fortescue’s strong track record of delivering major projects coupled with its commitment to assist heavy industry combat climate change has helped it to win the project, said Dr Andrew Forrest AO, Founder and Executive Chairman of the company.