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Reuters
Fortescue raises annual shipments view, hikes cost estimate for key project
(Reuters) -Fortescue Metals Group raised its full-year iron ore shipments forecast on Thursday helped by a production ramp-up at Eliwana operations, while increasing capital estimate for its key Iron Bridge Magnetite project in Western Australia. The world’s fourth-largest iron ore miner now expects to ship between 185 million tonnes (mt) and 188 mt of the commodity in fiscal 2022, up from a previous guidance of 180 mt to 185 mt. The Iron Bridge project, which is key to Fortescue’s growth strategy, has faced several issues since its announcement, including the exit of its chief operating officer Greg Lilleyman and two other executives after a review last year.
