As one of the world’s largest producers of iron ore, Fortescue’s wholly owned and integrated operations in the Pilbara include the Chichester and Western Hubs, and our new magnetite project, Iron Bridge.
We’re taking a global leadership position developing projects that harness our planet’s renewable energy, while building and acquiring the technologies to power the mining fleet of the future.
The Fortescue Hive brings together our entire supply chain to deliver enhanced efficiency and will underpin our future use of technology, including artificial intelligence and robotics.
We are now shipping at an annual rate of over 180 million tonnes, and this year Fortescue exceeded the top end of guidance with record shipments of 189 million tonnes.
Chief Operating Officer
The US$3.6 – US$3.8 billion Iron Bridge Magnetite Project is under development and will deliver 22mtpa of high-grade Iron Bridge 67% Fe magnetite concentrate product, with first production scheduled for the March 2023 quarter. Iron Bridge is a strategic investment enabling Fortescue to provide an enhanced product range to our customers while increasing our production and shipping volumes.
Fortescue began as an exploration company and today our iron ore tenements remain key to maintaining mine life and sustaining product quality in our core iron ore business. Our exploration activities in the Western Hub, Solomon Hub and Eastern Hamersley are focused on adding high iron content, dry, low-cost tonnes to our product suite, providing further optionality for the business.
Our world class exploration capability is driving future growth as we target global opportunities and commodities that support the decarbonisation of the transport sector. Fortescue has a well-established presence in Latin America, including Argentina, where we currently hold tenements prospective for copper-gold. We are also assessing exploration and development opportunities in Colombia, Ecuador, Peru, Chile and Brazil.
Since October 2019, together with our partners, we have invested more than US$800 million in significant energy infrastructure projects that will increase our use of renewable energy, a key contributor to our pathway to achieve our emissions reduction targets. Pilbara Energy Connect, together with the Chichester Solar Gas Hybrid Project, will deliver 25 per cent of our stationary energy requirements from solar power.