October 19th, 2012

Fortescue ponders proposed Pilbara magnetite project

By Nick Evans,  West Business

Fortescue Metals Group has given the first insight into the scale of its proposed Iron Bridge magnetite project in the Pilbara through the release of environmental approval documents yesterday.

The Iron Bridge project, a partnership between Fortescue and Chinese steelmaker Baosteel, could produce as much as 15 million tonnes of iron ore concentrate a year if constructed.

Fortescue is yet to put any firm numbers on potential construction costs, although capital costs are likely to top $3 billion or more, based on projected spending on similar projects across the State.

Iron Bridge has been listed as one of the projects that Fortescue may seek direct equity partners for, though it has vacillated on whether it will seek external funders, or potentially even float it on the Hong Kong Stock Exchange.  Fortescue said in its quarterly production report on Tuesday it expected to finalise an advanced feasibility study by the end of this year.


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