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BRIEF-Fortescue Says Detailed Review Of Iron Bridge Magnetite Project Completed

Published 18/02/2021, 11:37 am
FMG
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Feb 18 (Reuters) - Fortescue Metals Group Ltd FMG.AX :

* A DETAILED REVIEW (REVIEW) OF IRON BRIDGE MAGNETITE PROJECT (IRON BRIDGE) HAS BEEN COMPLETED.

* REVIEW INDICATED A REVISED PRELIMINARY CAPITAL ESTIMATE OF UP TO US$3.0 BILLION

* FIRST PRODUCTION EXPECTED IN SECOND HALF OF CALENDAR YEAR 2022

* FORTESCUE'S SHARE OF STAGE 2 INVESTMENT IS APPROXIMATELY US$750 MILLION

* DEREK BROWN HAS BEEN APPOINTED AS ACTING DIRECTOR PROJECTS AT IRON BRIDGE MAGNETITE PROJECT

* AS AT 31 JAN JOINT VENTURE HAS INCURRED CAPITAL EXPENDITURE OF ABOUT US$1.1 BILLION SINCE STAGE 2 INVESTMENT DECISION IN APRIL 2019

* HAS ALSO CONTRIBUTED US$274 MILLION OF DEFERRED JV CONTRIBUTIONS RELATING TO STAGE 1 OF PROJECT

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