{"id":1108771,"date":"2019-04-02T16:39:48","date_gmt":"2019-04-02T16:39:48","guid":{"rendered":"http:\/\/www.mining.com\/?p=979402"},"modified":"2019-04-02T16:39:48","modified_gmt":"2019-04-02T16:39:48","slug":"fortescue-oks-2-6b-expansion-of-iron-bridge-magnetite-project","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1108771","title":{"rendered":"Fortescue OKs $2.6B expansion of Iron Bridge magnetite project"},"content":{"rendered":"

Australian iron ore producer Fortescue Metals Group (ASX:FMG) has given the green light<\/a> to the $2.6 billion expansion of its Iron Bridge magnetite project in the Pilbara, Western Australia, the second major mine development it carries out in less than a year.<\/p>\n

The world\u2019s No. 4 iron ore miner\u00a0said the mine, in which Taiwan\u2019s Formosa and China\u2019s Baosteel Resources also hold a stake, is expected to produce 22 million tonnes a year of 67% iron magnetite concentrate by mid-2022 at a fraction of the relative capital cost of other high-profile magnetite projects in WA.<\/p>\n

The mine\u00a0is expected to produce 22 million tonnes a year of 67% iron magnetite concentrate by mid-2022 at a fraction of the relative capital cost of other high-profile magnetite projects in WA.<\/q><\/p>\n

The announcement follows Fortescue\u2019s commitment to build the $1.3 billion Eliwana mine<\/a> last year \u2014 taking the total investment to more than A$5 billion (about $3.5B).<\/p>\n

\u201cThe project is well progressed and ready for detailed design and execution with the majority of key approvals already in place. The innovative design, including the use of a dry crushing and grinding circuit, will deliver an industry-leading energy efficient operation with globally competitive capital intensity and operating costs,\u201d chief executive Elizabeth Gaines said in a statement.<\/p>\n

\u201cOur focus has been to create the most energy and cost-efficient ore processing facility, tailored to the specific ore we will mine,\u201d she added.<\/p>\n

Iron Bridge is expected to provide jobs for about 3,000 people during construction and 900 full-time positions once operations start.<\/p>\n

This stage of development will include an ore processing facility, an airstrip and expanded village, a 195km Canning Basin water pipeline and a 135km concentrate pipeline to Fortescue\u2019s Herb Elliot port facility in Port Hedland.<\/p>\n

In a separate statement<\/a>, the company updated Iron Bridge\u2019s magnetite mineral resource estimate, with ore reserves climbing up to 716 million tonnes on June 2018\u2019s 705 million tonnes.<\/p>\n

\u201cThis update supports the development of stage two of our Iron Bridge magnetite project announced today which holds Australia\u2019s largest JORC compliant magnetite resource,\u201d Gaines said.<\/p>\n

Fortescue, which will operate Iron Bridge, has already secured binding off-take agreement for 5.3 million tonnes a year with five different steel makers.<\/p>\n

When combined with ore from the company\u2019s under construction Eliwana mine, Iron Bridge is expected to increase Fortescue\u2019s product grade and give it the option of delivering the majority of its products at greater than 60% iron.<\/p>\n

The post Fortescue OKs $2.6B expansion of Iron Bridge magnetite project<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Announcement follows the company’s commitment to build the $1.3 billion Eliwana iron ore mine last year. <\/p>\n

The post Fortescue OKs $2.6B expansion of Iron Bridge magnetite project<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1539,1540,404,369],"tags":[15,30,294],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1108771"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1108771"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1108771\/revisions"}],"predecessor-version":[{"id":1108783,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1108771\/revisions\/1108783"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1108771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1108771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1108771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}