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The Iron Bridge Magnetite Project is a joint venture between FMG Magnetite, a subsidiary of Fortescue Metals Group, and Formosa Steel IB, delivering a high‑grade 67% Fe magnetite concentrate product in Western Australia’s Pilbara region.
Through strong collaboration and operational excellence, we continue to deliver value for Iron Bridge while supporting increased production and future growth.
Thiess began operations at Iron Bridge in 2022 under an initial three‑year contract, providing mining and maintenance services along with asset management. Revenue over the first term was expected to exceed $700 million, with options to extend.
Since mobilisation, Thiess has focused on building a strong foundation for safe, efficient and sustainable operations. This includes deep engagement with local communities and a commitment to creating opportunities for Nyamal‑owned businesses and employment pathways for local people.
In 2025, Thiess was awarded a two‑year contract extension, with an additional two‑year option, recognising the team’s strong operational performance and contribution to the project’s ramp‑up phase. Under the extended scope, Thiess will expand its mining and asset management services and mobilise additional fleet and personnel to support Iron Bridge as it progresses toward increased production.
The project plays an important role in Australia’s iron ore export portfolio by introducing premium‑grade magnetite, a product with lower inherent emissions that aligns with Thiess’ strategy to diversify across commodities and deliver more sustainable mining solutions
