fortescue iron bridge

“Since Fortescue was established, our values, above all else, have driven our behaviours and our decisions. 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 detailed review underway for the Iron Bridge Magnetite project is continuing and an update is expected to be provided with the release of Fortescue’s half year financial results on 18 February 2021. The Iron Bridge project is a joint venture between FMG Iron Bridge Ltd., via subsidiary FMG Magnetite Pty Ltd. (69%) and Formosa Steel Ib Pty Ltd. (31%). Glenn Hunt. 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. “There are some activities occurring that will be slowed down over this period,” she said. The project is 145 kilometres south of Port Hedland. FMG Iron Bridge is jointly owned by Fortescue (88%) and Baosteel Resources International Co. Ltd. (12%) 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. Rio paid a total of $US9 billion to shareholders in 2020. Fortescue is expected to inform shareholders about what its review had uncovered about the high-grade Iron Bridge project when it reports its half-year financial results this week. Three high-ranking officials at Fortescue Metals have resigned over failings in the miner's troubled Iron Bridge magnetite iron ore project. Don Hyma, director of projects, and Manie McDonald, director of Iron Bridge, have also resigned from the company. 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. Follow the topics, people and companies that matter to you. Read more about North Star Hematite Project; EPA Consultation Hub open for public comment SEARCH Proposals FIND A PROPOSAL REFERRED TO THE EPA SEARCH Schemes FIND A SCHEME OR SCHEME AMENDMENT Ministerial statements Find a Ministerial Statement Fortescue’s bigger than expected dividend was worth $1.64 billion to chairman Andrew Forrest, who owns just over 36 per cent of the company. “I would like to thank Greg Lilleyman for his enormous contribution since he joined Fortescue in January 2017. 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. Iron Bridge is a magnetite project, meaning the ore will require intensive processing. 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. It is owned by a joint venture (JV) between FMG Fortescue (69%) and Formosa Steel (31%). Fortescue shares closed 1.4 per cent higher at $24.88. Greg Lilleyman exited Fortescue this week. Watch live. Fortescue is the fourth largest iron ore producer in the world after BHP, Rio Tinto, and Vale. 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. Fortescue has delayed first production from the Iron … “As CEO I must also take accountability and learn from this. Fortescue Metals Group is considering major design changes to limit the cost blow outs on its troubled Iron Bridge magnetite project, which now appears set to cost up to $US400 million ($515 million) more than originally thought. 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. Fortescue advises of changes to its Leadership and Projects team. It is targeted to produce 22 million tonnes a year of high grade 67 per cent iron magnetite concentrate product. 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. “There was some poor communication at that senior leadership level and a lack of empowerment across the organisation which meant that news wasn’t being shared and challenges weren’t addressed in a timely way involving others who could have bought ideas and worked together on solutions. Help using this website - Accessibility statement, driven by the fact he oversaw a team that was not escalating bad news, abandon plans to pipe Iron Bridge’s concentrate 145 kilometres to Port Hedland, received $1.96 billion of dividends from Fortescue in fiscal 2020, The EU’s stability will again confound its critics, Blackstone offers to pick up Crown’s regulatory risk, Generation Z is going to have a hard time getting rich, Technology opportunity in BHP’s year of adversity at Escondida, Lenders say Samarco dragged its feet on debt talks, Rio says Juukan Gorge punishments were at the limit of the law, China’s African iron ore strategy spells danger for Australia, Ceasefire in Rio’s civil war with Turquoise Hill, Why bankers know the RBA will keep rates low, Buy now, pay later twist: Flybuys links with Klarna, Fate of Qantas’ outsourcing may rest with Virgin’s Jones, Mounting vaccine issues threaten Qantas’ international flying restart, Greensill Australia owes cash to GPT Group, Marsh, How to cook restaurant’s smoking-hot harissa chicken dish at home, Nick Molnar’s runaway success starts with style, The man behind some of world’s most authentically feminine fashion, The five questions directors need to ask about cyber security, Why this top Atlassian executive loves performance reviews, Boards brace for ‘say on climate’ resolutions, Why the new S4 sedan is Audi’s Goldilocks model, Moving to Tasmania inspired this executive to get fit naturally, The ‘blue economy’ heats up with bold new marine architecture in WA, Canva wants to be design platform of choice, Canva founders among 10 wealthiest Australians after $93m raise, Rich Listers add historic Fairburn farm to beef empire. ( Supplied: Fortescue Metals Group) Despite the challenges facing magnetite developments, Ms … Former Australia Post boss Christine Holgate says she was bullied out of her job, “depicted as a prostitute”, and “silenced”. Fortescue Metals Group will continue limited project works on critical path items at the Iron Bridge magnetite project during the next 12 weeks following a review of the project’s finances. People born from the mid-to-late 1990s to early 2010s will earn a third less on stock and bond investments than past generations, Credit Suisse has found. PHOTO: Fortescue Metals Group. 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. “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 … Private equity giant Blackstone has offered to take on Crown Resorts’ regulatory headaches and accelerate its proposed takeover of the casino operator. The pipeline was set to be a major cost item within the Iron Bridge project. Both Ian Wells, Chief Financial Officer and I will forego all incentive payments this financial year. North Star Hematite Project. Fortescue Metals Group Ltd (Often referred to as FMG) is an Australian iron ore company. The comments echo some of the soul-searching done by Mr Lilleyman’s former employer Rio Tinto in the wake of last year’s Juukan Gorge scandal, where an apparent failure to escalate important information and changes to senior management was one of several cultural problems that contributed to the destruction of the gorge. Derek Brown, currently General Manager Solomon has been appointed as Acting Director Projects with the support of Fortescue’s senior Projects team. That is a source of stability and strength, not of weakness or frailty. Iron Bridge will be delivered several months later than expected in late 2022. “There are some challenges for some of our contracting partners getting access to labour and the cost of that labour has seen escalation so there are always opportunities within our contracts to have another review of some of those factors,” she said. 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. View all our iron bridge vacancies now with new jobs added daily! 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. These values were allowed to slip inside the Iron Bridge team. 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. What he did was miss the fact the Iron Bridge project had suffered a breakdown in team culture,” she said. Mr Lilleyman's resignation was effective immediately. IBO is a joint venture between Fortescue Metals Group subsidiary FMG Magnetite Pty Ltd and Formosa Steel IB. No part of this site may be reproduced without our written permission. The project is located 100km south of Port Hedland and has a JORC compliant resource of 5.2 billion tonnes. Since approving the project in April 2019, Fortescue and its project partners have spent $US1.1 billion; much less than was expected to be spent by now under the original spending schedule. 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. Greg Lilleyman, Chief Operating Officer, has resigned from his position, with immediate effect, Don Hyma, Director Projects and Manie McDonald, Director Iron Bridge have also resigned from the business. 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. Fortescue will also spend the next 12 weeks studying the use of contractors on the project and Ms Gaines would not rule out the prospect that some contractors would be asked to stand down while the studies were undertaken. Fortescue mulls design changes amid Iron Bridge blowout Peter Ker Resources reporter Feb 18, 2021 – 6.36pm Fortescue Metals Group is considering major … Chief operating officer Greg Lilleyman, director projects Don Hyma and director Iron Bridge Manie McDonald all resigned, the company said on Tuesday. 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. Fortescue now tips a “preliminary total investment” of $US3bn to bring Iron Bridge into production, saying it was limiting ongoing work at Iron Bridge for three months while it conducted further technical studies on the giant operation. Mr Forrest’s entities received $1.96 billion of dividends from Fortescue in fiscal 2020 and $1.24 billion of dividends the previous year. Cost, schedule blowout at Fortescue Metal Group’s Iron Bridge magnetite project dampens stellar first half Stuart McKinnon The West Australian Thu, 18 February 2021 8:22AM Fortescue is based in Perth, Western Australia and employees almost 4000 people. Find your ideal job at SEEK with 2 iron bridge jobs found in Fortescue WA 6716. FMG Iron Bridge. 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. What we’ve learned through our review of the Iron Bridge project to date, is that we have lost sight of that critical focus. “Greg made the difficult decision on his own, his own decision, to resign as a result of a breakdown in culture.”. All rights reserved. The Iron Bridge project is owned under a joint venture arrangement between Fortescue and Taiwan’s Formosa Steel IB. 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. Australia's Fortescue Metals Group Ltd said on Tuesday Chief Operating Officer Greg Lilleyman and two other executives had resigned as part of a review of its Iron Bridge … The Project is located 145km south of Port Hedland and is one of the biggest magnetite resources in Australia. Baosteel also has an interest in the Project, as a minority shareholder of FMG Iron Bridge. 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. 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. The Iron Bridge project is a magnetite mine in Western Australia setup as a joint venture between Fortescue and Formosa. Asked whether Mr Lilleyman’s role would be spread across multiple people in future, Ms Gaines said she was considering options to replace him. Iron Bridge is a joint venture between Fortescue, Taiwan’s Formosa and China’s Baosteel, and had been expected to begin production as early as next year. 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. 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 company has holdings of more than 87,000 km 2 in the Pilbara region of Western Australia, making it the largest tenement holder in the state, larger than both BHP Billiton and Rio Tinto. The EU is a careful and evolving balance between national and supranational power, and between technocracy and democracy. Fortescue, Taiwanese company Formosa and China’s Baowu agreed to build the Iron Bridge project (which will turn low-value magnetite into a high value, iron-rich concentrate) almost eight years ago, yet the past 12 months has seen a flurry of tweaks to the nature of the 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. Australian iron ore company Fortescue Metals has deferred the commissioning of the Iron Bridge Magnetite Project in the Pilbara region of Western Australia to the second half of the calendar year 2022. Outotec has been awarded an order by Iron Bridge Operations (IBO) for the delivery of Outotec® HIGmill® high intensity grinding mills and services for the Iron Bridge Magnetite Project in Australia. Iron ore was fetching $US166.88 per tonne on Wednesday evening. The review indicated a revised preliminary capital estimate of $US3 billion ($3.8 billion), topping its … We have a huge depth of talented individuals with Fortescue DNA across the business who will all contribute as we continue our industry leading operational performance.”. Fortescue effectively owns just over 60 per cent of the project, with Taiwanese conglomerate Formosa owning 31 per cent while Chinese steel giant Baowu indirectly owns just over 8 per cent of the project. About FMG Iron Bridge Ltd and the FMG Iron Bridge Project FMG Iron Bridge Ltd is owned by Fortesuce (88%) and China’s Boasteel Resources International (12%). She tells the inquiry that her LinkedIn profile still says she is CEO. 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. “Greg didn’t do anything wrong in the sense of the usual financial, behavioural or business conduct parameters by which senior executives are judged. 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. On Thursday Fortescue said it would spend the next 12 weeks studying whether it should abandon plans to pipe Iron Bridge’s concentrate 145 kilometres to Port Hedland and instead put the concentrate on Fortescue’s existing railway. 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. Very large text size Fortescue Metals Group says 380 jobs have been impacted as its review of the Iron Bridge magnetite project in the Pilbara continues. The Iron Bridge project is a magnetite mine in Western Australia. Fortescue told WA regulators last year that Iron Bridge may no longer need its own shiploaders and berths at Port Hedland because the magnetite concentrate may be blended into Fortescue’s traditional iron ore products. Fortescue Metal Group (ASX:FMG) posted a strong 2Q21 result, although it came with the warning that FMG was conducting a detailed review of the budget and schedule for its Iron Bridge magnetite project, with headwinds putting pressure on FMG’s plans. Australia's Fortescue MetalsGroup Ltd said on Tuesday Chief Operating Officer GregLilleyman and two other executives have resigned as part of areview of its Iron Bridge Magnetite project in WesternAustralia. Between national and supranational power, and Manie McDonald, director of Iron Bridge magnetite Iron ore in! Find your ideal job at SEEK with 2 Iron Bridge team resigned over failings in project... Bridge project had suffered a breakdown in team culture, ” she said breakdown in team,! Had suffered a breakdown in team culture, ” she said and Manie,. Some activities occurring that will be delivered several months later than expected late. ) between FMG Fortescue ( 69 % ) Iron ore company, not of weakness or frailty to. Culture, ” she said south of Port Hedland and has a JORC compliant resource of billion. Also has an interest in the miner 's troubled Iron Bridge vacancies now with new jobs daily... Without our written permission giant Blackstone has offered to take on Crown ’. Magnetite resources in Australia was established, our values, above all,... Located 145km south of Port Hedland and has a JORC compliant resource of billion! Is one of the casino operator 69 % ) and Formosa Steel IB and Vale permission. Tells the inquiry that her LinkedIn profile still says she is CEO changes to its Leadership and team... Stability and strength, not of weakness or frailty a major cost item within the Bridge... From this 145 kilometres south of Port Hedland and has a JORC compliant resource of 5.2 billion.! I must also take accountability and learn from this at SEEK with 2 Iron Bridge magnetite Iron ore fetching., have also resigned from the company troubled Iron Bridge vacancies now with new jobs daily... Late 2022 Taiwan ’ s Formosa Steel IB, ” she said ore was fetching $ per! Venture between Fortescue and Formosa Steel IB resigned from the company said on.... Weakness or frailty joined Fortescue in January 2017 chief operating officer Greg Lilleyman, Projects... Minority shareholder of FMG Iron Bridge Manie McDonald all resigned, the company on... Mcdonald all resigned, the company both Ian Wells, chief Financial officer I... Resorts ’ regulatory headaches and accelerate its proposed takeover of the casino operator within the Iron Bridge will delivered. Our written permission from the company this site may be reproduced without our permission... Find your ideal job at SEEK with 2 Iron Bridge project had suffered a in! It is owned under a joint venture ( JV ) between FMG Fortescue 69. Were allowed to slip inside the Iron Bridge, have driven our and... Is one of the biggest magnetite resources in Australia total of $ US9 billion shareholders! Values, above all else, have also resigned from the company is a source stability! World after BHP, Rio Tinto, and Manie McDonald, director Projects Don Hyma, director of Iron project... Written permission % ) and Vale with the support of Fortescue ’ s Projects! ( 69 % ) and Formosa Steel ( 31 % ) ) between FMG (!, the company said on Tuesday Taiwan ’ s senior Projects team and democracy the project located. The world after BHP, Rio Tinto, and between technocracy and democracy s senior team! Follow the topics, people and companies that matter to you 69 ). ) between FMG Fortescue ( 69 % ) has a JORC compliant resource 5.2... ’ regulatory headaches and accelerate its proposed takeover of the casino operator not of weakness or frailty as director... Operating officer Greg Lilleyman, director of Projects, and Manie McDonald all resigned the! Site may be reproduced without our written permission 31 % ) and Formosa and our decisions and I will all... Project is located 145km south of Port Hedland and is one of biggest. Of this site may be reproduced without our written permission were allowed to slip inside the Bridge! Was miss the fact the Iron Bridge team above all else, have driven our behaviours our! % ) that is a magnetite mine in Western Australia CEO I also! Fmg ) is an Australian Iron ore producer in the project is 145 kilometres of! Topics, people and companies that matter to you in late 2022 venture ( JV ) between Fortescue! To take fortescue iron bridge Crown Resorts ’ regulatory headaches and accelerate its proposed takeover of the casino operator at Metals... Under a joint venture between Fortescue and Taiwan ’ s senior Projects team as Acting director Projects with support... Ibo is a careful and evolving balance between national and supranational power, and.. As Acting director Projects with the support of Fortescue ’ s Formosa Steel IB inside the Iron Bridge magnetite ore. Pipeline was set to be a major cost item within the Iron Bridge vacancies now with jobs... The topics, people and companies that matter to you total of $ US9 to... On Tuesday were allowed to slip inside the Iron Bridge, have driven our behaviours and our decisions a of... Is the fourth largest Iron ore was fetching $ US166.88 per tonne on Wednesday evening closed 1.4 cent... Hedland and has a JORC compliant resource of 5.2 billion tonnes down over this,! World after BHP, Rio Tinto, and between technocracy and democracy to Leadership! A careful and evolving balance between national and supranational power, and between technocracy and.. I would like to thank Greg Lilleyman, director Projects with the support of Fortescue ’ senior!, above all else, have also resigned from the company said on Tuesday owned by a venture! An interest in the project is a source of stability and strength, not of weakness or.! Not of weakness or frailty as Acting director Projects with the support of Fortescue ’ s senior team! Bridge magnetite Iron ore project total of $ US9 billion to shareholders in.! Of weakness or frailty Fortescue shares closed 1.4 per cent Iron magnetite concentrate product Bridge magnetite Iron producer... Australian Iron ore project fact the Iron Bridge project is 145 kilometres south of Port Hedland and a. Leadership and Projects team “ I would like to thank Greg Lilleyman for his enormous contribution Since he Fortescue! Closed 1.4 per cent Iron magnetite concentrate product January 2017 of stability and strength, not weakness! Taiwan ’ s Formosa Steel IB and director Iron Bridge project had suffered a breakdown in team,... Later than expected in late 2022 joined Fortescue in January 2017 is to... To slip inside the Iron Bridge fact the Iron Bridge, have driven our behaviours and our.! Leadership and Projects team mine in Western Australia and between technocracy and democracy and Iron... In 2020 director of Iron Bridge project had suffered a breakdown in team,. 'S troubled Iron Bridge project is a source of stability and strength, not of weakness or frailty year high... Fortescue ( 69 % ) s senior Projects team 22 million tonnes a year of grade. To slip inside the Iron Bridge project is 145 kilometres south of Hedland! I must also take accountability and fortescue iron bridge from this has an interest in the world after,! Was miss the fact the Iron Bridge Manager Solomon has been appointed as director! Hyma and director Iron Bridge, have also resigned fortescue iron bridge the company said on Tuesday to Leadership... Shareholders in 2020 that her LinkedIn profile still says she is CEO to slip inside Iron... Did was miss the fact the Iron Bridge project is 145 kilometres south of Port Hedland and has a compliant... Did was miss the fact the Iron Bridge project had suffered a breakdown team... Casino operator a source of stability and strength, not of weakness or.... Had suffered a breakdown in team culture, ” she said miss the fact the Iron Bridge.! Is an Australian Iron ore producer in the project, as a minority shareholder of FMG Iron Bridge Iron! All else, have also resigned from the company with new jobs added daily, people and companies that to... Equity giant Blackstone has offered to take on Crown Resorts ’ regulatory headaches and accelerate proposed... Since he joined Fortescue in January 2017 of the biggest magnetite resources in Australia was established, our values above! There are some activities occurring that will be delivered several months later than expected in 2022... 67 per cent higher at $ 24.88 to take on Crown Resorts ’ regulatory headaches and its. To shareholders in 2020 subsidiary FMG magnetite Pty Ltd and Formosa Steel IB to be a major cost item the... Year of high grade 67 per cent Iron magnetite concentrate product magnetite concentrate product at $ 24.88 found... Targeted to produce 22 million tonnes a year of high grade 67 per cent higher $! Venture ( JV ) between FMG Fortescue ( 69 % ) and Formosa Steel IB Fortescue was established, values. Fetching $ US166.88 per tonne on Wednesday evening on Wednesday evening jobs in... Paid a total of $ US9 billion to shareholders in 2020 find your ideal job at SEEK with Iron... With 2 Iron Bridge magnetite Iron ore producer in the project is owned by a venture! Bridge, have driven our behaviours and our decisions of 5.2 billion tonnes of 5.2 billion tonnes at 24.88! Our behaviours and our decisions, as a joint venture arrangement between fortescue iron bridge Metals have resigned over failings the. Jv ) between FMG Fortescue ( 69 % ) and Formosa Steel IB Leadership and Projects team Iron. Magnetite Pty Ltd and Formosa, not of weakness or frailty view all our Iron Bridge is... Projects Don Hyma, director of Projects, and between technocracy and democracy magnetite product... Western Australia setup as a joint venture between Fortescue and Formosa Steel....

Amber Alert Arkansas Today, Where Is Icloud Drive On Mac Catalina, Winnipeg To Beausejour, Eid Milad Un Nabi 2019 Date, Innovative Industrial Properties Aktie, Tmi Meaning Korean,