CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Australia’s Fortescue Metals Group said on Tuesday first production at the company’s Iron Bridge Magnetite Project in Pilbara, Western Australia, has been revised to the second half of April.
The company had said in January the project was set to begin production at the end of the March quarter.
On Tuesday, the world’s No. 4 iron ore miner said the project continues to make progress while managing weather impacts on activity and infrastructure at the site.
The Iron Bridge project, which is key to Fortescue’s growth strategy, has faced several issues since its announcement, including the exit of its chief operating officer Greg Lilleyman and two other executives after delays and cost overruns in 2021.
The capital estimate for the project remains unchanged at $3.9 billion, with Fortescue’s share at about $3.0 billion, it said.
(By Echha Jain; Editing by Devika Syamnath and Uttaresh Venkateshwaran)
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