Fortescue mine hit by cost blowouts

Original article by Nick Evans
The Australian – Page: 15 & 19 : 15-Jan-21

Fortescue Metals Group advised in October that its Iron Bridge magnetite project in Western Australia was on budget. However, industry sources have suggested that the cost of the $US2.6bn ($3.4bn) project could potentially blow out by up to 25 per cent. Factors such as rising input costs and the impact of the COVID-19 pandemic on labour supply and wages are said to contributed to the likely cost blowout. Fortescue has previously advised of a cost blowout at its Eliwana iron ore mine.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

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