Fortescue ups projected costs for its Iron Bridge project
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
(Kitco News) - Fortescue Metals Group said today that it will be spending between US$2.5 - US$2.7 billion on its portion of the Iron Bridge Joint Venture.
When the company announced the project in April 2019, Fortescue pegged its contribution at US$2.1 billion.
Located in Western Australia, the Iron Bridge Magnetite project is projected to deliver 22 million tonnes per annum of high grade 67% Fe magnetite concentrate product, with first production by December 2022.
The joint venture partners are FMG Magnetite Pty at 69% and Formosa Steel IB Pty Ltd at 31%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.