Australia’s
Fortescue Metals Group said on Friday a majority-owned joint venture signed an
agreement with Gabon that will pave the way to study and obtain a licence to
explore the Belinga iron ore project in the West African nation.
The licence will be sought by Ivindo Iron SA, a joint venture in which
Fortescue holds 80% interest. Africa Transformation and Industrialization Fund
owns the rest.
The agreement outlines key
terms for the exploration of potentially one of the world’s largest
undeveloped, high-grade hematite deposits, the Perth-based miner said, adding
it expects about $90 million in costs over three years on the exploration
program.
“Ivindo Iron plans to immediately commence exploration and studies upon grant
of the exploration licences, with the initial focus on exploration works to
determine the potential size and grade of the Belinga iron ore deposit,”
Fortescue said.
The world’s fourth largest iron ore miner in December last year signed an
agreement wit
h the Gabon government to study the development of the iron ore project.
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