Fortescue confident on Iron Bridge delivery
KALGOORLIE (miningweekly.com) – Iron-ore miner Fortescue Metals is confident that it can deliver its Iron Bridge magnetite mine, in the Pilbara, within the new budget and timeframe.
The miner earlier this year flagged another cost blow-out and production start delay at Iron Bridge, after upwardly revising capital costs in 2021 from $2.6-billion to $3-bilion, 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 $3.8-billion, with first ore now slated for the March quarter of 2023.
Speaking to media at the Diggers and Dealers conference, Fortescue outgoing CEO Elizabeth Gaines reaffirmed the cost guidance for Iron Bridge, noting that the project delivery had been de-risked with the arrival of all ships containing modules for the operation at Port Hedland.
“At the moment, we are unfortunately seeing the impact of some resurgence of Covid across our operations and at Iron Bridge in particular. But absent anything outside our control at this time, we're actually on track and the team is very focused on that first production in the March quarter.
“I'm very confident in the team's ability to deliver on that guidance,” Gaines said.
Iron Bridge is expected to produce 22-million tonnes a year of high-grade magnetite concentrate.
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