Iron ore miner FortescueNews has flagged further delays at its Iron Bridge magnetite mine in the Pilbara mining investment Australia
PERTH – Iron-ore major Fortescue Metals has again pushed back the start date for its Iron Bridge magnetite mine, in the Pilbara, this time from the March quarter to the second half of April.
Fortescue last year flagged a cost blow-out and production start delay at Iron Bridge, after upwardly revising capital costs in 2021 from $2.6-billion to $3-billion, and moving its first production from the first half of 2022 to the second half of 2022.Capital cost estimates were subsequently adjusted twice, first to between $3.3-billion and $3.5-billion, then between $3.6-billion and $3.9-billion.
The miner on Tuesday said that project estimates remain unchanged at $3.9-billion, with Fortescue’s share amounting to $3-billion.“The project continues to make significant progress, while managing the impacts of weather on activity at the site and associated infrastructure. Commissioning activities are well progressed on Dry Processing Line A and water commissioning of the wet plant is near completion.
The project will deliver 22-million tonnes a year of high-grade 67% iron magnetite concentrate. This product enables Fortescue to enter the high iron-ore grade market segment providing an enhanced product range while also increasing yearly production and shipping capacity.
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