BENGALURU: Fortescue Metals Group said on Wednesday it has entered into an agreement with the Gabon government in Central Africa to develop an iron ore project, even as the Australian miner aims to become the world’s biggest green energy group.
The Belinga iron ore project, located in the northeast of Gabon, has been progressively assessed by Fortescue since 2018 and is potentially one of the world’s largest undeveloped, high-grade hematite deposits.
The agreement will include a 36-month exclusivity period over the 5,500 square kilometre area and the formation of a Gabon mining company, owned 80% by Fortescue, to hold the tenure over the project. “Fortescue is pursuing global opportunities in iron ore that align with our strategy and expertise,” Chief Executive Officer Elizabeth Gaines said in a statement.
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