Fortescue awards major contract in Gabon
PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has awarded a significant earth moving and crushing services contract to mining services company Capital at the Belinga iron-ore project, in Gabon.
Fortescue earlier this year signed a mining convention for the project, with mining planned to start in the second half of 2023.
Capital said in a statement on Monday that the contract would run for five years, and was expected to generate revenues of up to $30-million a year for the company, once fully operational.
The contract involves both earthmoving and crushing services. Capital will use existing equipment and is in the process of purchasing $15-million of additional equipment.
Capital has already begun mobilising equipment to the site. This mining and crushing services contract is in addition to the three-year reverse circulation and diamond drilling services contract at the site, announced earlier this year, where drilling recently commenced.
Balinga is expected to require a capital investment of $200-million for the early stage operation, with investment to take place over 2023/24. The project will involve a conventional openpit operation with the ore to be trucked and railed over existing infrastructure, and shipped from the Owendo Mineral Port, near Libreville.
The project is operated by Ivindo Iron, which is 90% held by the Belinga joint venture company, which, in turn, is 80% held by Fortescue and 20% by its joint venture partner the African Transformation and Industrialization Fund.
Under the Gabon Mining Code, the Gabon government will have a free carry interest of 10% in Ivindo Iron.
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