Name of the Project
Belinga Iron Ore project.

Location
North-east Gabon.

Project Owner/s
Fortescue Metals Group, 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 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 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
Not stated.

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 Metals has awarded a significant earthmoving and crushing services contract at the Belinga iron-ore project to mining services company Capital.

Fortescue earlier this year signed a mining convention for the project, with mining planned to start in the second half of 2023.

The contract will run for five years, and is expected to generate revenues of up to $30-million a year for the company once fully operational.

Capital will use existing equipment and is acquiring $15-million of additional equipment. It has also begun to mobilise equipment to the site.

This contract is in addition to the three-year reverse circulation and diamond drilling services contract at the site, announced earlier this year, where drilling recently started.

Key Contracts, Suppliers and Consultants
Capital (earth moving and crushing services).

Contact Details for Project Information
Fortescue Metals Group, tel +61 8 6218 8888.