Company News Summary | 28 May 2021

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Fortescue Metals Group Provides Iron Bridge Project Update

12:04:00 | Associate analysts

Original annuncemenet:Iron Bridge Project Update

Fortescue Metals Group provided an update stating that the company had designed Iron Bridge project to deliver production capacity of 22mtpa of a 67% Fe content, low impurity concentrate suitable for pellet feed or blending with sinter fines. Fortescue was granted approval in September 2020 to increase the material handling capacity of its Herb Elliott Port facility at Port Hedland from 175mtpa to 210mtpa. The Iron Bridge Magnetite project is an Unincorporated Joint Venture between FMG Magnetite Pty (69 per cent), and Formosa Steel IB Pty Ltd (31 per cent). The company also stated that as at 30 April 2021, the Joint Venture had incurred capital expenditure of US$1.5 billion since the investment decision in April 2019.

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