Business
Fortescue’s Iron Bridge partner in $155m cash call – The Australian Financial Review
The Taiwanese company involved in Fortescue’s troubled magnetite project has pumped $155m into its local subsidiary amid expectations of a major cost blowout.
Macquarie analysts had forecast a $US500 million blowout to $US3.1 billion before Tuesdays exit of the senior executives.
Spending on the Iron Bridge project over the past 18 months has been much slower than was originally expected.
On the day Fortescue approved the project in April 2019, the miner said a total of $US620 million would be spent on Iron Bridge by June 30, 2020,
Less than half that amount, $258 million, was actually spent in that period.
The slow start means Fortescues review of Iron…
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