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Australia’s Fortescue Metals Group (FMG.AX) said on Friday a majority-owned joint venture signed an agreement with Gabon that will pave the way to study and obtain a license to explore the Belinga iron ore project in the West African nation.

The license will be sought by Ivindo Iron SA, a joint venture in which Fortescue holds 80% interest. Africa Transformation and Industrialization Fund owns the rest.

The agreement outlines key terms for the exploration of potentially one of the world’s largest undeveloped, high-grade hematite deposits, the Perth-based miner said, adding it expects about $90 million in costs over three years on the exploration program.

Source: Reuters