According to The Australian Financial Review, Andrew Forrest says there’s a graveyard somewhere full of failed magnetite projects, but his will be different.
Fortescue Metals Group’s Iron Bridge magnetite mine reached a first production milestone last week after surviving its own near-death experience in early 2021. The Fortescue founder and chairman breathed a great sigh of relief on May 1 when Iron Bridge started churning out magnetite with an iron content greater than 68 per cent. The breakthrough for Fortescue comes at a time when high-grade product from the iron ore industry is seen as the quickest path to greener iron and therefore greener steel. And in a green iron world, magnetite projects make more sense than they did in the past. https://www.afr.com/companies/mining/why-magnetite-matters-more-to-fortescue-in-the-green-iron-era-20230506-p5d6ah
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