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Fortescue ups projected costs for its Iron Bridge project

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(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%.

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