Fortescue’s Iron Bridge produces first magnetite
Fortescue Metals Group (ASX: FMG) has successfully produced its first magnetite product at Iron Bridge, at first run grade of greater than 68% Fe, and will continue to ramp up to 22mtpa of high-grade magnetite concentrate.
This milestone marks the end of almost 20 years of planning and over 20m work hours on site, with the Ore Processing Facility (OPF) achieving specification metal production in its first week of operations.
Fortescue executive chairman Dr Andrew Forrest AO says Iron Bridge will lead the way for a successful magnetite industry in WA and is a game changer for not only Fortescue, but the wider iron ore industry.
“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,” he said.
“It has been achieved through every phase including exploration, design, construction, and now operations.”
The site’s workforce peaked at 4,000 jobs during construction, with another 900 full-time jobs to be created during operations.
FMG chief executive Fiona Hick says the construction of Iron Bridge was complex particularly while managing the added challenges from COVID-19 and border closures.
“Iron Bridge is a significant differentiator for Fortescue,” she said.
“It demonstrates our commitment to long term planning and the sustainability of our iron ore business, while also investing in growth.”
Following the successful production of wet concentrate at the Iron Bridge site, the magnetite product has now been transported through the 135km specialist slurry pipeline where dewatering and materials handling occur at Port Hedland to a high-grade magnetite product, ready to be shipped and suitable for steel making.
FMG has sourced a total of A$3.6b in goods and services from WA businesses for the Iron Bridge project and operations, including over $331m awarded directly to local Traditional Custodian Nyamal businesses since 2020.
The Project capital estimate is unchanged at $5.81b (US$3.9b), with FMG’s share approximately $4.47b (US$3b).
Iron Bridge is an unincorporated joint venture between FMG Magnetite Pty Ltd (69%) and Formosa Steel IB Pty Ltd (31%).
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