Belinga Iron Ore Project : Fortescue Metals to begin mining at Gabon project in H2 2023
Australian iron ore company Fortescue Metals, through its joint venture company Ivindo Iron, has signed the Mining Convention with the Gabonese Republic for the Belinga Iron Ore Project in Gabon.
The Mining Convention facilitates the first mining of ore in the second half of 2023 and unlocks growth opportunities for Fortescue Metals and Fortescue Future Industries (FFI) throughout Africa.
The Belinga Iron Ore deposit sits in Archean aged rocks of the Congo Craton, with the potential to produce approximately 30 million tons of iron ore yearly.
The project includes the development of the iron ore hub mine for production of up to two million tonnes annually.
Fortescue Metals to begin mining at the Belinga Iron Ore Project in H2 2023. Photo courtesy of Fortescue Metals.
Dr Andrew Forrest AO – Fortescue Founder and Executive Chairman, said: “The Gabonese Republic chose Fortescue to develop Belinga not only due to our strong track record of delivering major projects, but due also to our Company wide commitment to use our major industrial scale and expertise to assist heavy industry combat climate change.
“Geological mapping and sampling programs have confirmed our initial thoughts that this new West African iron ore hub may well one day prove to be among the largest in the world.
“The key aspect of this particular geology is its potential to dovetail with Fortescue Pilbara ore blends. In doing so it will preserve and enhance the iron ore industry of both Australia and Gabon.”
Fortescue Metals anticipates to invest $200 million over 2023-24 for the early-stage mining development of the Belinga Iron Ore Project, which involves conventional open pit mining.
The ore from the Belinga iron ore mine will be trucked and railed over existing roads and rail infrastructure, and will then be shipped from the Owendo Mineral Port, near Libreville.
The Belinga Joint Venture Company will have a 90% interest in the operating company Ivindo Iron while the Gabon government will hold a free carry interest of 10%.
The joint venture company Ivindo Iron was formed by Fortescue and the Africa Transformation and Industrialization Fund with 80% and 20% stakes, respectively.