Fortescue's Iron Bridge blowout may top $1b

Fortescue’s Iron Bridge blowout may top $1b
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Fortescue Metals Group is willing to increase its stake in the troubled Iron Bridge magnetite project if Chinese steel giant Baowu baulks at the bigger-than-expected cost and schedule blowouts disclosed on Friday.
Iron Bridge will cost as much as $US900 million ($1.16 billion) more to build, could take up to a year longer than expected to reach full production and will have higher operating costs once in production.
The updated construction cost of between $US3.3 billion and $US3.5 billion means the blowouts are roughly double the maximum $US400 million disclosed to investors in February, despite the scope of the project being largely unchanged.

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