Australian iron ore company, Fortescue Metals Group (FMG), announced that it had signed an agreement with Gabonese Republic. FMG obtained a project license for iron ore exploration in Belinga, West Africa.

The agreement would also allow FMG to conduct a US$90 million exploration program over three years and grant exploration licenses covering approximately 4,500 square kilometers. FMG indicated that Belinga might be one of the largest undeveloped high-grade hematite deposits in the world.