Iron Bridge cost grows to US$3 billion

A DETAILED review has found the cost blowout at the Iron Bridge magnetite project being built by Fortescue Metals Group, to be US$400 (A$516) million, adding 15% to the project’s original US$2.6 billion estimate.

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The cost estimate for the Iron Bridge project has blown out 15% to US$3 billion.

First ore from the project, which is owned in a joint venture between FMG and Formosa Steel, has been pushed back to the second half of 2022 from the first half of 2022.