Fortescue has produced its first magnetite product from the Iron Bridge operation in WA, graded at 68 per cent iron (Fe).
The milestone is almost 20 years and 20 million work hours in the making, with Fortescue first acquiring the Iron Bridge tenements for less than $50,000 in 2003.
Iron Bridge has been beset with delays, and first production was most recently delayed from the end of the March quarter (as announced in January) to the end of April (as announced in late March).
But it must be noted that magnetite projects are typically lengthy to develop, involving a process that upgrades a low-grade product in the ground to a much higher-grade final product.
“The construction of Iron Bridge, Fortescue’s first magnetite operation, was complex particularly while managing the added challenges resulting from COVID-19 and border closures,” Fortescue chief executive officer Fiona Hick said.
“I’m particularly proud that the team was able to deliver this project while maintaining strong safety performance. Our focus is now on achieving safe and efficient ramp up.
“Iron Bridge is a significant differentiator for Fortescue. It demonstrates our commitment to long-term planning and the sustainability of our iron ore business, while also investing in growth.”
The wet concentrate has been transported from the mine through a 135km slurry pipeline to Port Hedland, where it will be dewatered, transforming it into a high-grade magnetite product ready for shipping.
The mine will produce 22 million tonnes per annum of high-grade magnetite concentrate, suitable for steelmaking.
“Iron Bridge will lead the way for a successful magnetite industry in Western Australia and is a game changer for not only Fortescue, but the wider iron ore industry,” Fortescue executive chair Andrew Forrest said.
First magnetite production for Fortescue is significant given the majors have largely been hematite producers in the past.
Grange Resources produces magnetite from its Savage River mine in northwest Tasmania, and there are a handful of exploration companies looking to produce the iron ore derivative locally, such as Hawsons Iron and Magnetite Mines.
As steelmakers implement processes to achieve their net-zero goals, they will be prioritising high-grade Fe products over their low-grade alternatives. This is because high-grade products require less energy to process.
So magnetite is going to have an increasingly important role to play in the years to come as the world decarbonises.
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