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The Fortescue Metals Group Restricted (ASX: FMG) share value will probably be one to observe subsequent week.
This follows the discharge of a late announcement on Friday by the iron ore large.
What did Fortescue announce?
After the market shut, Fortescue launched an replace on the Belinga Iron Ore Mission within the Republic of Gabon.
In keeping with the discharge, the corporate’s 80% owned three way partnership firm, Ivindo Iron, has signed the exploration conference for the mission with the Gabon Authorities. This follows an settlement between the 2 events late final yr that granted Fortescue an exclusivity interval to check the chance to develop the Belinga iron ore deposit.
Clearly it has favored what it noticed on the mission. A lot so, Fortescue expects to spend roughly US$90 million over three years on an exploration works program on the 4,500 sq. kilometres mission.
These actions are anticipated to right away start upon grant of the exploration licences, with the preliminary deal with exploration works to find out the potential dimension and grade of the Belinga iron ore deposit and to guage logistics options.
Fortescue’s chief govt officer, Elizabeth Gaines, stated:
Fortescue is dedicated to its strategic pillars of investing within the long-term sustainability of the iron ore enterprise and investing in progress. In keeping with this method, Fortescue is pursuing world alternatives in iron ore that align with our technique and experience.
We welcome the chance to evaluate the Belinga Mission, which we consider is probably one of many world’s largest undeveloped, high-grade hematite deposits. We stay up for working with our companion, the Gabon Authorities and all key stakeholders on this essential mission as we proceed to evaluate alternatives to optimise progress and returns in our iron ore enterprise.
The Fortescue share value is down 3.5% in 2022.