PERTH (miningweekly.com) – Iron-ore major Fortescue Metals this week confirmed that it was "reviewing" the cost and schedule of its $2.6-billion Iron Bridge magnetite project, in Western Australia.
CEO Elizabeth Gaines told investors this week that Iron Bridge was progressing well with engineering now 90% complete, module fabrication under way both in Western Australia and in China, and that bulk earthworks were nearing completion and the civil and concrete works were underway for the processing facility.
“Now that engineering is nearing completion and the majority of contracts have been committed, the forecast total investment and schedule for the project is undergoing a detailed review. This will take into account the ongoing impacts of the Covid-19 global pandemic, the strength of the Australian dollar and other factors including access to resources and specialist skills,” she said.
The Iron Bridge mine is being developed into a 22-million-tonne-a-year operation, producing high-grade magnetite concentrate. First ore delivery is expected in the first half of 2022, with the ramp-up to full production taking place over 12 months.
The miner was expected to update the market on the Iron Bridge project during its half-year results.