China obtains mining rights in Gabon

SteelOrbis Shanghai Ministry of Energy and Mines of Gabon has reportedly signed an agreement on jointly exploring the Belinca iron ore mine with China National Machinery and Equipment Import Export Corporation (CMEC), SINOSTEEL, CVRD, and COMILOG. China has entered into the preparation for the construction, which is expected to begin by the end of the year. However, iron ore cannot be mined before 2010. Located in north-eastern Gabon, Belinca iron ore mine is estimated to have a lode of 500 million mt. 50 years ago, it was already found that Belinca is in rich of iron ore, but it was not explored because of the exploration difficulties. In recent years, the international iron ore prices saw a large increase and Belinca iron ore mine began gaining importance.