Fortescue Metals begins magnetite production at Iron Bridge
Iron Bridge finally achieved first magnetite production on Monday, delivering a 68% iron grade over a target of 67%, a year later than planned and at $1.3 billion over the original budget.
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Magnetite or black sand mining is supposed to be banned in the Philippines, but Moncano explained that the extraction of the said mineral offshore is allowed. He said, "Mining in shoreline is prohibited but offshore mining is allowed. If it is at least 1,500 meters from the shoreline going out to the sea, it is allowed.".
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Adding value to iron ore, at a cost: Australia's magnetite curse
Some analysts believe this time frame is optimistic. A 12-week review will look at whether magnetite will be transported via a new pipeline or whether existing rail logistics can be used. Fortescue has previously said that Iron Bridge is a relatively simple magnetite operation compared to others in Western Australia.
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Why magnetite matters more to Fortescue in the green iron era
Fortescue Metals Group's Iron Bridge magnetite mine reached a first production milestone last week after surviving its own near-death experience in early 2021. The Fortescue founder and chairman ...
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An 11km-long, outcropping magnetite schist only 20km from its Robe Mesa flagship. A recent review resulted in an exploration target of 450Mt – 880Mt at 24-30% Fe, generating a magnetite concentrate of 65-68% Fe at a 25-30% mass yield. CLE, CZR, IRD, HIO, MGT share price charts
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Iron Road also tapped the improved sentiment towards magnetite, announcing last week it was seeking $1.69m from shareholders from a discounted entitlement offer priced at 7.5c a share. The funds will give new momentum to the group's ambition to develop the Central Eyre magnetite project in South Australia.
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