Iron Bridge Magnetite Operation Progress Update
Fortescue Ltd (ASX: FMG) has provided an updated production timeline for its Iron Bridge magnetite operation in Western Australia's Pilbara region. Following an optimisation assessment of the dry plant in the ore processing facility, the company now anticipates shipments of 10-12 million tonnes (Mt) in FY26, with nameplate capacity of 22 Mtpa targeted in FY28.
Revised Production Schedule
- FY26 shipments: 10-12 Mt (100% basis), revised down to 9-10 Mt following weather-related disruptions from Tropical Cyclones Mitchell and Narelle
- FY27 target: Annualised production rate of 16-20 Mt in the second half of FY27
- Nameplate capacity: 22 Mtpa targeted for achievement in FY28, representing a five-year ramp-up from first concentrate production in 2023
- FY26 cash operating expenditure: Approximately US$650 million (Fortescue's share, excluding shipping and royalties)
Dry Plant Optimisation
The revised timeline follows Fortescue's internal assessment of the dry plant, with workstreams focused on the air classification circuit and downstream aerobelt conveyors. Key initiatives included in-house redesign of air classification units and installation of upgraded ceramic liners to address premature erosion. These measures have improved ore processing and production rates at the operation.
Strategic Context
The A$3.9-billion Iron Bridge project is a joint venture between FMG Magnetite (69%) and Formosa Steel IB (31%). The high-grade magnetite concentrate complements Fortescue's predominantly hematite output from the Pilbara, enhancing its product portfolio. Fortescue also achieved record full-year shipments of 198 Mt in FY25, demonstrating strong operational performance across its broader iron ore business. The company's Green Metal Project at Christmas Creek is anticipated to produce first hot metal in Q4 FY26, advancing its green iron ambitions.
