FMG Group through its registered joint venture company
IvindoIronSA and the Republic of Gabon have signed a mining convention for the Beringa Iron Ore project in Gabon, under which mining is scheduled to begin in the second half of 2023. This represents growth opportunities for FMG and FMG Future Industries throughout Africa.
The mining convention sets out all legal, fiscal and regulatory regimes within the 4,500 square kilometre site of the Beringa project, including an initial production plan of 2 million tonnes a year, and a study of potential designs to advance large-scale development.
Early production of the Beringa project is estimated to require around US $200 million between 2023 and 2024. The development includes production using traditional strip mining methods, transport using existing road and rail infrastructure, and shipping overseas from the port of Owendo near Libreville.
Dr Andrew Forrest, founder and executive chairman of FMG, said: “Early exploration activities at Beringa, including geological mapping and sampling surveys, have confirmed our initial belief that the area has the potential to become one of the world’s largest iron ore production centres.
This emerging iron ore area has huge potential. The special geological conditions of the Beringa project area can complement the resources of the FMG Pilbara iron ore deposit. If successfully developed, the project will strengthen our Australian iron ore business by optimising blending products, extending mine life and creating new global supply capacity, and will protect and strengthen the iron ore industry in Australia and Gabon.
The Republic of Gabon chose FMG to develop the Beringa project not only because of its strong track record in delivering large-scale projects, but also because of its commitment to using its expertise to help heavy industry tackle climate change. The support from the Gabonese government has further promoted FMG’s transformation into a global green resources, green energy and products company.
We have received overwhelming support and positive feedback from the local community. We will continue to work with the community to actively implement FMG’s best practices in environmental and community consultation.