Australian iron ore miner Fortescue Metals Group has announced that it has signed an agreement with the government of Gabon in West Africa to study to develop the Belinga Iron Ore Project in the country.
A separate Gabon mining company will be established by an incorporated joint venture which will be owned 80 percent by Fortescue and 20 percent by the Africa Transformation and Industrialisation Fund, an Africa-focused investment fund incorporated in Abu Dhabi to hold the mining tenure over the Belinga Iron Ore Project.
The joint venture will focus on exploration works to determine the potential size of the Belinga iron ore deposit and logistics solutions during a 36-month period, over an area totaling approximately 5,500 square kilometers.
“Following successful completion of the initial exploration and due diligence work with Fortescue, our aim is to put the Belinga project back on track, building the mining sector’s contribution to our economy,” Ali Bongo Ondimba, president of Gabon, said.
