Iron Bridge Project approved for Fortescue Metals subsidiary

Company News

by Rachael Jones

A subsidiary of Fortescue Metals Group (ASX:FMG) FMG Magnetite and joint venture partner Formosa Steel IB have approved the development of Stage 2 of the Iron Bridge Magnetite Project.

The total capital costs of stage 2 is US$2.6 billion.

The Project is located 145km south of Port Hedland and owned through an unincorporated joint venture between FMG Iron Bridge who own 69 per cent and Formosa who have 31 per cent.

MG Magnetite is a subsidiary of FMG IB, a Hong Kong registered company 88 per cent owned by Fortescue (88 per cent) and a subsidiary of Baosteel Resources International Company Limited (Baosteel) (12 per cent).

This Stage 2 development follows the US$0.5 billion investment in the successful Stage 1 construction of large scale pilot and demonstration plants which have validated key equipment and magnetite production processes for the full-scale Stage 2 ore processing facility.

Shares in Fortescue Metals Group (ASX:FMG) trading 3.4 per cent higher at $7.68. 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.