In a significant development, Australian mining giant Fortescue has successfully shipped the inaugural batch of iron ore from its Belinga project in Gabon. This marks a historic moment for the company as it ventures beyond its traditional operations in Australia. The swift realization of this milestone comes less than a year after Fortescue entered into a mining convention with the Gabonese government, signaling a promising collaboration.
Fortescue Metals CEO, Dino Otranto, emphasized the enormous potential of the Belinga project, describing it as capable of achieving large-scale production with high-grade ore. The company's strategic move into Gabon reflects its commitment to diversifying its global presence and tapping into new opportunities.
In the fiscal year 2022/2023, Fortescue experienced a 2% increase in iron ore shipments, reaching an impressive 192 million tons. However, ore production saw a 5% decline, totaling 217.9 million tons. Undeterred by the production dip, Fortescue remains optimistic about the future, setting ambitious targets for iron ore shipments in the fiscal year 2022/2024, aiming for a range between 192 and 197 million tons.
This expansion into Gabon underscores Fortescue's strategic vision for sustained growth and establishes a promising trajectory for the company's international ventures.
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