Name of the Project
Belinga Iron Ore project.
Location
North-east Gabon.
Project Owner/s
Fortescue, through its incorporated joint venture company Ivindo Iron.
Under the Gabon Mining Code, the Gabon government will have a 10% free carry interest in Ivindo Iron.
Project Description
The project includes the early development Belinga for the production of up to two-million tonnes a year of iron-ore while studies are advancing the potential designs of a large-scale development.
The early development involves conventional openpit mining methods to produce the ore, which will be trucked and railed over existing roads and rail infrastructure.
Potential Job Creation
More than 400 Gabonese, including contractors, have been employed as part of the project to date, with more than 50% employed from villages around the project area.
As part of Fortescue’s commitment to support communities where it operates, more than $30-million in goods and services have been sourced in Gabon to date.
Net Present Value/Internal Rate of Return
Not stated.
Capital Expenditure
The capital estimate for the early-stage mining development is $200-million.
Planned Start/End Date
Mining is planned to start in the second half of 2023, with investment to take place in 2023 and 2024.
Latest Developments
Fortescue reported on December 4 that the first product was ready for shipment, marking the first time the company exported iron-ore from a port outside of Australia.
It comes less than a year after Fortescue signed a mining convention with the government of Gabon.
Studies continue to advance potential designs of a large-scale development.
Key Contracts, Suppliers and Consultants
Capital (earthmoving and crushing services).
Contact Details for Project Information
Fortescue, tel +61 8 6218 8888.