April 2 (Reuters) - Fortescue Metals Group Ltd FMG.AX said on Tuesday said its unit FMG Magnetite Pty Ltd and Taiwanese joint venture partner Formosa Steel IB Pty Ltd approved the development of stage 2 of the Iron Bridge Magnetite Project in Western Australia.
The total capital costs for stage 2 are pegged at $2.6 billion, Fortescue said in a statement.