FMG announced that the time for the Iron Bridge Project to reach full production has been postponed to the 2028 fiscal year.

Australian mining giant Fortescue has announced that the full production timeline for its Iron Bridge Magnetite Project in Western Australia is expected to be delayed by nearly three years. The project is anticipated to achieve an annual designed capacity of 22 million mt by the 2028 fiscal year (July 2027 - June 2028, calendar year).

According to the latest plan, Fortescue expects annual shipments from the Iron Bridge Project to range from 10 million to 12 million mt in the 2026 fiscal year (July 2025 - June 2026, calendar year). This figure is projected to increase to 16 million to 20 million mt by the 2027 fiscal year (July 2026 - June 2027, calendar year). The ultimate goal is for the project to reach full production capacity of 22 million mt in the 2028 fiscal year (July 2027 - June 2028, calendar year), marking a delay of nearly three years from the previously set target of achieving full production by September 2025 in the 2025 fiscal year.

Since its inception, this $3.9 billion project has faced numerous setbacks, including engineering delays and cost overruns. However, Fortescue has stated that the Iron Bridge Project is still on track to meet its shipment guidance target of 5 million to 9 million mt of magnetite concentrate in the 2025 fiscal year.

The Iron Bridge Magnetite Project is located in the Pilbara region of Australia, 145 kilometers south of Port Hedland. It is a joint venture development between Fortescue (with a 69% stake) and Formosa Plastics from Taiwan, China (with a 31% stake). Shipments of magnetite concentrate have commenced since 2023. As a cornerstone of Fortescue's product diversification strategy, the project produces high-grade magnetite concentrate (with an iron grade of up to 67%), complementing the low-grade hematite ore primarily mined by Fortescue in the Pilbara region of Western Australia. This helps enhance the company's competitiveness in the high-value-added iron ore market.