By Emmanuel Tumanjong

Special to Dow Jones Newswires


Fortescue Metals Group Ltd. has started exploration on the Belinga iron ore reserves in Gabon through the joint-venture Ivindo Iron SA, the country's Mines Minister Elvis Ossindji said Tuesday.

The Australian firm officially started its exploration over the weekend after Ivindo Iron's Deputy Head Andre Baya held talks with Minister Ossindji and his peer in the public service Madeleine Edmee Berre.

Fortescue Metals plans to invest about $90 million to explore the mine over the next three years.

Covering 4,500 square kilometers with reserves estimated at one billion tons, Gabon's government own a 10% stake of Ivindo Iron, while 80% of the shares are controlled by Fortescue Metals, upon the exploitation phase.


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(END) Dow Jones Newswires

12-20-22 0722ET