PERTH (miningweekly.com) – Iron-ore major Fortescue has finally produced its first magnetite product, after having its maiden production pushed back and after suffering significant cost blow-outs.

Fortescue said this week that the project’s first run rate had produced grades of greater than 68% iron, with the concentrate now being transported through the 135 km specialist slurry pipeline where dewatering and materials handling occurred at Port Hedland to a high-grade magnetite product, ready to be shipped and suitable for steelmaking.

“Iron Bridge is a firm demonstration of our company’s Values, particularly NEGU - Never Ever Give Up determination. Iron Bridge temporarily followed the traditional way of delivering projects before recovering and switching back to our Values of empowerment-driven leadership. What a great job the team has now done,” Fortescue executive chairperson Dr Andrew Forrest said.

“I would like to congratulate every one of the 20 000 people who worked on achieving the most remarkable safety record during the construction of this incredibly complex project. It has been achieved through every phase including exploration, design, construction and now operations. It is Fortescue’s Values in action and I particularly thank our leaders who amply demonstrated our Values.

“Iron Bridge will lead the way for a successful magnetite industry in Western Australia and is a game changer for not only Fortescue, but the wider iron-ore industry.”

The $3.9-billion Iron Bridge will produce 22-million tonnes a year of high-grade magnetite concentrate and signifies Fortescue’s entry into the highest-grade segment of the iron-ore market, providing an enhanced product range while also increasing yearly production and shipping capacity.

“The construction of Iron Bridge, Fortescue’s first magnetite operation, was complex, particularly while managing the added challenges resulting from Covid-19 and border closures. I’m particularly proud that the team was able to deliver this project while maintaining strong safety performance. Our focus is now on achieving safe and efficient ramp-up,” Fortescue CEO Fiona Hick said.

“Iron Bridge is a significant differentiator for Fortescue. It demonstrates our commitment to long-term planning and the sustainability of our iron-ore business, while also investing in growth. We are committed through the cycle to delivering robust returns to our shareholders and building an increasingly strong balance sheet.”