FORTESCUE Metals Group has admitted its Iron Bridge magnetite project in Western Australia’s Pilbara could cost nearly $1 billion more to build with the capital estimate growing to US$3.3-$3.5 billion. The initial estimate had been US$2.6 billion.
The size of the cost blowout at Iron Bridge has increased.
The cost blowout has been blamed on "project-specific and market factors" impacting the costs of materials and installation. Those include inflation, foreign currency exchange rates and labour shortages....
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