The International Resource Journal: More on BHP’s rumoured Belinga grab, Gabon

More on BHP’s rumoured Belinga grab, Gabon
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Nuala  Gallagher on 31 January, 2012 12:24:00
 
IRJ – January 31 – According to Michel Edzang, an official at the
Gabonese Mining Department, the rumoured deal to hand over Belinga—the
nation’s biggest iron ore deposit—to BHP Billiton
(“BHP”) looks likely to come to light next week, reports stated late
on Monday.
If his comments prove true, the deal will see Gabon take the Belinga project
from current owners China Machinery Engineering Corp. (“China
Machinery”) and hand it over to BHP–imminently, given that Edzang
says Mines and Oil Minister Alexandre Barro Chambrier is scheduled to sit down
with BHP and sign on the move next week during the Mining INDABA conference in
Cape Town.
Spokespersons from BHP have declined to comment and a spokesperson for China
Machinery said previously that the company has no knowledge of any such plans,
but rumours have ensued since January 17 when undisclosed sources spoke to
Bloomberg on the matter.
China Machinery says that Belinga stands at a development cost of approximately
US$3.5 billion and is capable of producing 30 million metric tons annually. The
Bloomberg source stated that BHP, already actively working on a manganese mine
in Gabon, is prepped to send 10 exploration drilling rigs to Belinga.
If the deal goes ahead, it will be the first time that worldwide largest miner
BHP takes on a major West African project. While West Africa is slated to become
a major seaborne iron ore provider by 2020, BHP’s portfolio to date
favours Australia’s historic Pilbara province; home to other major
operators including Rio Tinto and Fortescue Metals Group. 
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