The project, announced in October 2021, is a key plank in Fortescue's ambition to become a major green energy company.

The Iron Bridge Magnetite project, which has been a major plank of the miner's growth strategy, has faced multiple cost blow outs and delays.

Production was affected by lower mill throughput at the Lihir mine and temporary suspension of operations at Brucejack.

The miner said last week it had received enquires for long-term supply as Beijing lifted its ban.

Europe's energy crisis has taken a heavy toll on a notoriously power-hungry sector.

In its quarterly report, South32 met coal, aluminum, and copper forecasts and slightly exceeded analyst estimates for manganese ore production.

"I think we will see renewable energy play a very big part of our overall earnings in the future," said the company's global green ambassador.

The NSW Minerals Council said the policy would have little impact on electricity prices but could upset trade partners.