Fortescue hits the accelerator

摘要

Fortescue Metals Group (FMG) is pushing ahead with stage two of its Iron Bridge magnetite concentrate project in Western Australia's Pilbara, targeting 22 Mtpa of high-grade 67% product by 2023. Subsidiary FMG Magnetite (in effect 88% FMG and 12% Baosteel) and joint-venture partner Formosa Steel have already completed the US$0.5B stage one con-struction of large-scale pilot and demonstration plants that have validated key equipment and magnetite production processes, and announced the move to ramp up the full US$2.6B project on 2 April.