Fortescue has signed a mining convention for its Belinga iron-ore project in Gabon as major iron ore with mining set to begin in the second half of 2023, 

While studies progress prospective designs for large-scale development, the mining convention governs all legal, fiscal, and regulatory regimes for the 4,500 km2 that make up the Belinga project, including early development for production of up to two million tonnes annually.

Dr. Andrew Forrest, founder, and executive chairperson of Fortescue, says that the Gabonese Republic chose Fortescue to develop Belinga.

This is because of their strong track record of completing major projects and their company-wide commitment to using their major industrial scale and expertise to assist heavy industry combat climate change.

"Governments worldwide are now incorporating the climate hazard as a critical risk. It is viewed as a threat to Gabon's extensive natural heritage. Geological mapping and sample initiatives have supported our initial hypotheses that this new iron-ore hub in West Africa may eventually rank among the biggest in the world.

"The ability of this particular geology to work well with Fortescue Pilbara ore mixes is its primary feature. As a result, Australia and Gabon's iron-ore industries will be preserved and strengthened," said Forrest.

Balinga is estimated to require a capital expenditure of approximately $200 million for the early-stage operation. The investment takes place between 2023 and 2024. The project would be a traditional openpit operation, with ore trucked and railed over existing infrastructure and transported from the Owendo Mineral Port near Libreville.

Ivindo Iron runs the project, 90% owned by the Belinga joint venture business, 80% owned by Fortescue, and 20% by its African Transformation and Industrialization Fund joint venture partner.

Under the Gabon Mining Code, the Gabonese government will have a 10% free carry interest in Ivindo Iron.