While the oil and gas industry has long dominated Gabon’s economy, accounting for over a third of GDP, the mining sector is becoming increasingly significant. Mining currently contributes around 6% to GDP and a similar portion of exports. However, its importance is rising as Gabon seeks to diversify away from oil production, which is in decline.
Gabon has sizable deposits of minerals like manganese, iron ore, and more. Manganese mining was previously the largest segment but production has fallen in recent years. In response, the government is pivoting strategy towards iron ore, which represents vast untapped potential. Major deposits like Belinga, one of the world’s largest undeveloped iron ore resources, could be transformative if brought into production.
Fortescue Metals Group is currently evaluating the feasibility of developing Belinga through a multi-year agreement signed in 2021. Such a large-scale project would require major infrastructure investments but could establish iron ore as a leading export earner. Successful implementation of projects like this are core to the government’s economic diversification plans to reduce reliance on oil.
While data on the overall market size of Gabon’s mining industry is limited, it has clearly grown in importance in recent decades. Continued investment and development of the country’s mineral wealth has the ability to substantially boost GDP contribution and exports. As oil production declines, mining will likely play an increasingly vital role in Gabon’s economy going forward. Sustainable development of resources like Belinga’s iron ore could drive growth and diversification for many years to come.