FMG has today announced the approval of stage 2 on its Iron Bridge Magnetite project. The US$2.6Bn (AUD$3.7Bn) mine is located 145km south of Port Hedland and will be developed with JV partner Formosa Steel IB Pty Ltd. Once developed, the mine will produce up to 22m wet metric tonnes per annum.
Construction will get underway in 2019 and initial production is expected to commence in 2022. The project will employ approximately 3000 workers during construction and 900 full time in ongoing positions.
To read the full asx announcement follow this link.