fortescue iron bridge

The project is located 100km south of Port Hedland and has a JORC compliant resource of 5.2 billion tonnes. Follow the topics, people and companies that matter to you. What he did was miss the fact the Iron Bridge project had suffered a breakdown in team culture,” she said. Ms Gaines said Mr Lilleyman’s exit was “in no way connected” to the $US400 million cost blow out on the Iron Bridge project, which was smaller than most analysts had expected and means the project will now cost $US3 billion. Derek Brown, currently General Manager Solomon has been appointed as Acting Director Projects with the support of Fortescue’s senior Projects team. It is owned by a joint venture (JV) between FMG Fortescue (69%) and Formosa Steel (31%). FMG Iron Bridge is jointly owned by Fortescue (88%) and Baosteel Resources International Co. Ltd. (12%) What we’ve learned through our review of the Iron Bridge project to date, is that we have lost sight of that critical focus. “I would like to thank Greg Lilleyman for his enormous contribution since he joined Fortescue in January 2017. The EU is a careful and evolving balance between national and supranational power, and between technocracy and democracy. Fortescue is based in Perth, Western Australia and employees almost 4000 people. ( Supplied: Fortescue Metals Group) Despite the challenges facing magnetite developments, Ms … Ms Gaines said when combined with Fortescue’s $1.8 billion Eliwana mine, ore from Iron Bridge would mean the miner could deliver the majority of its products at greater than 60 per cent iron. The review indicated a revised preliminary capital estimate of $US3 billion ($3.8 billion), topping its … Fortescue confirmed a $US400m ($520m) blowout at Iron Bridge in its half-year accounts last week, putting a “preliminary total investment” of $US3bn on the development of the 22 million tonne a year iron ore operation. Confirmation that Fortescue will investigate abandoning one of the most expensive aspects of the project came as the cashed up miner confirmed the exit of senior executive Greg Lilleyman was driven by the fact he oversaw a team that was not escalating bad news to him. Standing member of Formosa’s executive management committee, Wilfred Wang, said the development came at a time when steel mills were looking to increase productivity. These values were allowed to slip inside the Iron Bridge team. Watch live. Fortescue Metals Group announced the resignation of Chief Operating Officer Greg Lilleyman and two other executives after a review of the miner’s Iron Bridge magnetite project in Western Australia. Iron Bridge, located 145km south of Port Hedland and incorporating the world class North Star and Glacier Valley Magnetite ore bodies, is an unincorporated joint venture between Fortescue’s subsidiary FMG Iron Bridge and Formosa Steel IB. Mr Forrest’s entities received $1.96 billion of dividends from Fortescue in fiscal 2020 and $1.24 billion of dividends the previous year. It is targeted to produce 22 million tonnes a year of high grade 67 per cent iron magnetite concentrate product. Fortescue’s Taiwanese partner in the troubled Iron Bridge magnetite project has pumped $155 million into the Australian subsidiary that owns a stake in … The success of our integrated marketing and operations strategy is a lasting legacy of Greg’s strategic focus and his commitment to our success over that period. Commenting on the leadership changes, Fortescue Chief Executive Officer, Elizabeth Gaines said, “At Fortescue, our commitment to our values and culture is our highest priority. View all our iron bridge vacancies now with new jobs added daily! The mine is currently being developed and expanded under a $2.6bn project (stage two), which follows the successful completion of the $500m stage one, which involved the construction of large-scale pilot and demonstration plants. Fortescue leadership changes – Iron Bridge The Board of Fortescue Metals Group (Fortescue) considers Iron Bridge to be an excellent project, however before it advances further must benefit from a complete technical optimisation and instilling proven leadership, previously unavailable due to the execution of other successful Fortescue projects. The Iron Bridge Magnetite Project, an unincorporated joint venture between Fortescue’s subsidiary FMG Magnetite Pty Ltd and Formosa Steel IB (Iron Bridge Joint Venture), covers the development of a new magnetite mine, including processing and transport facilities. The iron-ore miner has completed a detailed review of the Iron Bridge project, which increased the estimated capital cost of the project to $3bn from the previous $2.6bn. PHOTO: Fortescue Metals Group. Fortescue adds to Billion Opportunities program with Iron Bridge contracts Posted by Daniel Gleeson on 21st January 2021 Fortescue Metals Group has continued its longstanding commitment to Aboriginal procurement and delivery of benefits for its Native Title partners, with over A$13 million ($10.1 million) of new contracts awarded as part of the company’s Iron Bridge Magnetite project. We take this opportunity to reset the Company’s focus on our culture and values which defines us and makes Fortescue a truly great company. “Greg didn’t do anything wrong in the sense of the usual financial, behavioural or business conduct parameters by which senior executives are judged. Chief operating officer Greg Lilleyman, director projects Don Hyma and director Iron Bridge Manie McDonald all resigned, the company said on Tuesday. Former Australia Post boss Christine Holgate says she was bullied out of her job, “depicted as a prostitute”, and “silenced”. Three high-ranking officials at Fortescue Metals have resigned over failings in the miner's troubled Iron Bridge magnetite iron ore project. All rights reserved. Asked whether Mr Lilleyman’s role would be spread across multiple people in future, Ms Gaines said she was considering options to replace him. Fortescue Metals has delayed the first production from its Iron Bridge magnetite project, located in the Pilbara region of Western Australia, to the second half of 2022. No part of this site may be reproduced without our written permission. The Board of Fortescue Metals Group (Fortescue) considers Iron Bridge to be an excellent project, however before it advances further must benefit from a complete technical optimisation and instilling proven leadership, previously unavailable due to the execution of other successful Fortescue projects. Fortescue has delayed first production from the Iron … Fortescue mulls design changes amid Iron Bridge blowout Peter Ker Resources reporter Feb 18, 2021 – 6.36pm Fortescue Metals Group is considering major … “The Board of Fortescue Metals Group (Fortescue) considers Iron Bridge to be an excellent project, however before it advances further must benefit from a complete technical optimisation and instilling proven leadership, previously unavailable due to the execution of other successful Fortescue … IBO is a joint venture between Fortescue Metals Group subsidiary FMG Magnetite Pty Ltd and Formosa Steel IB. Glenn Hunt. Mr Lilleyman's resignation was effective immediately. The Board of Fortescue Metals Group (Fortescue) considers Iron Bridge to be an excellent project, however before it advances further must benefit from a complete technical optimisation and instilling proven leadership, previously unavailable due to the execution of other successful Fortescue projects. Don Hyma, director of projects, and Manie McDonald, director of Iron Bridge, have also resigned from the company. Analyst consensus measured by VUMA pointed to a $US4.09 billion underlying profit for the six-month period, and an interim dividend of $1.329. Baosteel also has an interest in the Project, as a minority shareholder of FMG Iron Bridge. The pipeline was set to be a major cost item within the Iron Bridge project. Ms Gaines said Fortescue would continue lobbying the WA government for royalty relief for Iron Bridge to put it on a level playing field with the other two magnetite concentrate plants in WA; Citic Pacific’s Sino Iron and Ansteel’s Karara operation. Fortescue Metals Group (Fortescue) continues its longstanding commitment to Aboriginal procurement and delivery of benefits for its Native Title partners, with over A$13 million awarded in new contracts as part of the Company’s Iron Bridge Magnetite Project. North Star Hematite Project. Fortescue’s bumper dividend comes after rival iron ore miners BHP and Rio Tinto paid dividends earlier this week that were much bigger than expected. Iron ore was fetching $US166.88 per tonne on Wednesday evening. Mr Lilleyman’s role straddled the company’s mining operations, product development and marketing, making it broader than had been the case in Fortescue’s previous leadership structures. The Iron Bridge Magnetite Project, which it says is an industry-leader in cost and energy efficiency, will be one of the highest-grade magnetite projects in the world according to Fortescue. The Iron Bridge blow outs and Mr Lilleyman’s exit overshadowed a half-year profit result that should have been a highlight of Fortescue’s 13 years as an exporter, with the miner posting a record $US4.08 billion profit and paying a record $1.47 interim dividend. 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