Fortescue Metals Group and joint venture partners Formosa Plastics Group and Baosteel Resources have approved the $US2.6 billion ($3.7 billion) development of the Iron Bridge magnetite project in the Pilbara, with the iron ore miner assuring the market it will not repeat the mistakes of earlier magnetite projects.
Mining industry pundits bemoaning the end of the ‘boom' will be pleasantly surprised to know that up to a dozen major projects could go ahead over the coming year.
