Fortescue Metals Group Updates on Iron Bridge Magnetite Operation

Fortescue Metals Group Ltd ( (AU:FMG) ) has provided an announcement.

Fortescue Metals Group Ltd has announced an update on its Iron Bridge magnetite operation, highlighting a staged ramp-up in production. The company anticipates shipments of 10-12 million tonnes in FY26, with a target to reach an annualized production rate of 16-20 million tonnes in the second half of FY27. The nameplate capacity of 22 million tonnes per annum is expected to be achieved by FY28. The operation is on track to meet its FY25 market guidance for shipments and operating costs. Fortescue is focusing on optimizing its operations through innovative solutions and operational learnings, which have already led to improvements in ore processing and production rates. The Iron Bridge project is a joint venture between FMG Magnetite Pty Ltd and Formosa Steel IB Pty Ltd.

The most recent analyst rating on (AU:FMG) stock is a Hold with a A$17.45 price target. To see the full list of analyst forecasts on Fortescue Metals Group Ltd stock, see the AU:FMG Stock Forecast page.

More about Fortescue Metals Group Ltd

Fortescue Metals Group Ltd is a company in the mining industry, primarily focused on the extraction and processing of iron ore. It operates in the global market, with a significant emphasis on increasing production and shipping capacity to enhance its product portfolio.

Average Trading Volume: 8,755,039

Technical Sentiment Signal: Sell

Current Market Cap: A$49.76B

For a thorough assessment of FMG stock, go to TipRanks’ Stock Analysis page.