Business
Cost of Fortescue’s Iron Bridge project shoots up once again – MINING.COM – MINING.com
The world’s fourth-largest iron ore producer raised the cost estimate for its Iron Bridge magnetite project to between $3.3 and $3.5 billion.
In February this year, Fortescues chief operating officer, Greg Lilleyman, and two other executives resigned following a review of the project that according to Australian media showed that its cost had blown out by as much as 25%.
Initially, Iron Bridge was expected to cost $2.6 billion and, prior to this recent hike, its price tag had already risen to around $3 billion
Iron Bridge is located 145 kilometers south of Port Hedland in Western Australias Pilbara region. Project development started…
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