Fortescue Metals Group, the world's fourth-largest iron ore producer, is reported to have raised the cost estimate for its Iron Bridge magnetite project to $3.3 billion-$3.5 billion for the second time this year.
The cost of the project, which was originally expected to cost $2.6 billion, had risen to about $3 billion before the latest price increase.
The Iron Bridge magnetite project is located 145km south of Port Hedland in the Pilbara region of Western Australia. The project began development in 2019 and is scheduled for first production in December 2022. Once completed and fully put into production, it is expected that 22 million tons of 67% high-grade magnet concentrate products will be delivered each year.
