The Belinga iron ore project, located in the northeast of Gabon, has been progressively assessed by Fortescue since 2018.

COP26 sets the tone for 2022 as the energy transition opens the door to unprecedented metals demand.

Iron ore has been on a tumultuous ride this year.

Analysts said the move was not unexpected, although the timing was a bit sooner than some had anticipated.

"The iron ore port inventories build through recent weeks is a bearish signal," says Westpac senior economist.

Iron ore prices are rebounding on the expectation of future demand, and are happy to ignore the current signs that there is too much of the raw material arriving in China, writes Clyde Russell.