Iron-ore major Fortescue has signed a mining convention for its Belinga iron-ore project, in Gabon, with mining planned to start in the second half of 2023.
The mining convention governs all the legal, fiscal and regulatory regimes for the 4 500 km2 which comprises the Belinga project, including early development for production of up to two-million tonnes a year while studies advance potential designs of a large-scale development.
“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,” said Fortescue founder and executive chairperson Dr Andrew Forrest.
“The climate threat is now incorporated as a key risk by governments the world over. Critically, it’s considered a threat to Gabon’s rich natural heritage. Geological mapping and sampling programmes 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,” said Forrest.
Belinga is expected to require a capital investment of $200-million for the early-stage operation, with investment to take place over 2023/24. The project will involve a conventional openpit operation. The ore will be transported over existing infrastructure, and shipped from the Owendo Mineral Port.