By Reuters Staff
3 Min Read
MELBOURNE (Reuters) - Australia’s Fortescue Metals Group Ltd said on Tuesday Chief Operating Officer Greg Lilleyman and two other executives have resigned as part of a review of its Iron Bridge Magnetite project in Western Australia.
The $2.6 billion high-grade ore project, which is key to Fortescue’s growth strategy, was on track to start exports in the first half of 2022, it said last month, after the Australian newspaper reported the project faced a cost blowout of as much as 25%.
Higher ore grades would mean Fortescue could blend the material with that of its lower grade products to get better prices and potentially win market share from peers BHP Group, Rio Tinto Ltd and Vale SA..