On February 8th 2023, Fortescue Metals Group Ltd (ASX: FMG) announced that its joint venture company, Ivindo Iron, signed a mining convention for the Belinga Iron Ore project in Gabon with the Gabonese Republic. Ivindo Iron is 90% owned by the Belinga Joint Venture Company (Fortescue holds 80% and the Africa Transformation and Industrialisation Fund holds 20%). The remaining 10% is owned by the Gabon Government.
The first mining is expected to commence in the second half of 2023, offering growth opportunities for Fortescue Metals and Fortescue Future Industries in Africa. The convention governs the legal, financial, and regulatory aspects for the 4,500 sq km Belinga project, which aims to produce up to 2 million tonnes per year in the early stages. Further studies are underway to explore larger-scale development opportunities. The estimated capital for the early stage development is around US$200 million, with investment planned for 2023-24.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
