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Fortescue has significantly increased its investment and exploration activity at Gabon’s Bélinga iron-ore project, with reported spending exceeding $600 million. 

However, a final investment decision on the multibillion-dollar development remains outstanding as the company advances technical studies and plans for supporting infrastructure.

Australia’s Fortescue is stepping up work on its Bélinga iron-ore project in north-eastern Gabon, with reported investment surpassing $600 million as the company intensifies exploration and engages with the government over the development of a major new mining operation.

According to The Australian, Fortescue and its joint-venture partner had committed approximately $402 million to the project by the end of 2025, with a further $108 million in funding provided during 2026. Separately, recent reporting in Gabon has put total spending above CFA250 billion, equivalent to approximately $600 million.

The figures underline the scale of Fortescue’s commitment to Bélinga, one of the company’s most significant undeveloped iron-ore opportunities outside Australia. Nevertheless, the project has yet to secure a final investment decision, with its development pathway dependent on ongoing technical, regulatory and commercial assessments.

Exploration accelerates as Fortescue expands its footprint

Fortescue has increased the pace of exploration at Bélinga, doubling its drilling fleet from five rigs to ten under an extended agreement with drilling contractor Capital Limited.

The expanded programme is expected to include approximately 375,000 metres of additional drilling, building on more than 230,000 metres already completed, according to reporting by The Australian. The work is intended to improve understanding of the deposit and support the technical studies needed to determine the project's development potential.

The company has also expanded its local operational presence. Recent reporting indicates that employment associated with the project has approached 1,500 people, with Gabonese nationals accounting for more than 80% of the workforce.

Speaking during a September meeting with Gabonese authorities, Fortescue executive chairman Andrew Forrest confirmed the acceleration of exploration activities.

“We're doubling the size of the drilling program, we're doubling the size of our exploration budget,” Forrest said, according to The Australian.

The commitment signals a more intensive phase of project assessment, although the ultimate scale, grade and commercial configuration of the proposed mine have yet to be formally disclosed.

Mine, railway, port and power infrastructure central to development

Bélinga’s long-term prospects extend well beyond the iron-ore deposit itself. Developing the project at scale will require an integrated infrastructure system capable of transporting ore from the remote Ogooué-Ivindo province to export markets.

The Gabonese government and Fortescue have identified four interconnected components: the mine, a railway, a deep-water export port and hydroelectric power infrastructure. Planning also encompasses power systems, heavy-haul transport technology and energy solutions to support mining operations.

Following discussions between Fortescue and the government in September, Gabonese authorities emphasised the need to translate commitments into tangible progress.

President Brice Clotaire Oligui Nguema has called on the project’s partners to move “from the phase of commitments to that of concrete achievements”, according to the Gabonese Press Agency’s account of the meeting.

The statement reflects the government’s expectation that Bélinga should deliver not only mineral production but also broader economic benefits through infrastructure development, employment and local industrial activity.

Investment milestone does not yet guarantee a mine

Despite the growing expenditure and expanded exploration programme, Bélinga remains in the development-assessment phase rather than being a fully sanctioned mining operation.

Fortescue’s latest published project information describes the deposit as having the potential to become a significant high-grade hematite development. The company has continued environmental assessments, technical studies and engagement with Gabonese authorities to establish a viable development pathway.

In its February 2026 half-year financial report, Fortescue said development timing remained subject to technical, regulatory and commercial assessment. It also confirmed that a presidential taskforce had been established with the Gabonese government to streamline planning for an integrated mine, railway and port solution.

The company expects to submit a development plan and social and environmental assessments to Gabonese authorities by the end of 2026, according to The Australian. These milestones should help clarify the project's scope and the requirements for a future investment decision.

The scale of the infrastructure requirement means that the eventual investment decision will depend on more than the quality of the orebody. Capital requirements, logistics, market conditions, regulatory approvals and the commercial viability of the integrated transport and energy systems will all influence the development timetable.

What Bélinga could mean for Gabon’s mining sector

If developed, Bélinga could strengthen Gabon’s position as a significant iron-ore producer, diversifying a mining industry in which manganese has historically played a central role.

The project also presents an opportunity for the country to expand local participation in the mining value chain through workforce training, domestic procurement, infrastructure investment and the development of supporting industries.

Fortescue’s growing operational presence and the expansion of its drilling programme indicate that the company continues to advance its assessment of the deposit. However, the transition from exploration to a producing mine will require a clear investment commitment and a credible plan for financing and delivering the supporting infrastructure.

For Gabon, the immediate challenge is to convert the growing investment into a commercially viable project that delivers lasting benefits for the national economy and communities in Ogooué-Ivindo.

For Fortescue, Bélinga represents a potentially important addition to its global iron-ore portfolio. The next major milestone will be whether the current exploration and planning work can establish the technical and commercial basis for a final investment decision.

Andrew Forrest I Executive Chairman of Fortescue

“We're doubling the size of the drilling programme; we're doubling the size of our exploration budget.”

Rebecca Hayward I Fortescue representative in Gabon

“This ceremony represents much more than the simple laying of a few bricks. It consists of laying the foundations of the future.”