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Image: Fortescue Metals Group

Fortescue Metals Group is on track to deliver first ore from the Eliwana mine and rail project in Western Australia in December this year.

The company invested $US771 million ($1.08 billion) in capital expenditure, including at Eliwana and Iron Bridge, in the 2020 financial year.

This is set to be ramped up with a $US1.9–$US2.3 billion spending for major projects this financial year.

It will also support the company’s development at the Iron Bridge magnetite project in Western Australia, with first ore on ship planned in the first half of 2022.

Fortescue chief executive Elizabeth Gaines said that Iron Bridge was developing Australia’s largest publicly disclosed magnetite mineral resource.

Its mineral resources stand at 5.45 billion tonnes and ore reserves at 716 million tonnes as of June.

The Greater Solomon Hub mineral resources, meanwhile, increased by 102 million tonnes to 2.68 billion tonnes this year.

The Greater Western Hub mineral resource also increased by 39 million tonnes to 2.09 billion tonnes.

“It is pleasing to see the continued growth in mineral resources at our development properties,” Gaines said.

“With the increase in mineral resources at the Greater Solomon Hub, Greater Western Hub and Nyidinghu, our total development mineral resources now exceeds eight billion tonnes.”

Fortescue also achieved record revenue ($US12.8 billion) and net profit after tax ($US4.7 billion) in the 2020 financial year.