Fortescue ships first iron ore from Gabon

Australian mining company Fortescue, through its joint venture Ivindo Iron, has shipped the first iron ore from the Belinga project in Gabon. This is stated in the company’s message.

This was Fortescue’s first ever shipment of ore from a port outside Australia. It was carried out less than a year after the miner signed a mining convention with the Gabonese government.

“This is a truly remarkable achievement by the team in such a short period of time and marks a key milestone in the early-stage mine development in Gabon. This project has the potential to revolutionise our portfolio and ultimately create a product that will be the envy of our peers. It will also open growth opportunities for Fortescue throughout Africa,” the CEO of Fortescue Metals Dino Otranto commented.

According to him, a large-scale exploration drilling campaign is currently underway, and the results continue to show that the project has the potential for large scale and high quality.

The project currently employs more than 400 Gabonese, including contractors, the company also noted.

«The Belinga project has the potential to become a world-leading mine that will contribute to the economic development of Gabon. Our main goal for this operation is and will remain to create great opportunities for the country, especially in terms of employment,” Eric Epi, Managing Director of Ivindo Iron, remarked.

Ivindo Iron is the operating company of the Belinga project, and Fortescue has a 72% indirect stake in the company.

Fortescue increased iron ore shipments by 2% y/y – to 192 million tons in FY2022/2023 (ended June 30), which was the upper limit of its guidance. Iron ore production in the period decreased by 5% y/y – to 217.9 million tons. In FY2022/2024, Fortescue plans to supply 192-197 million tons of iron ore.

As GMK Center reported earlier, Fortescue has approved investments totaling about $750 million over the next three years in three green projects. These include a hydrogen hub in the US, the Gladstone PEM50 project, and a direct reduced iron pilot plant in Australia.