Iron Bridge — mine

Magnetite mining and processing operation producing high-grade (~67% Fe) magnetite concentrate, 145 km south of Port Hedland, with concentrate moved by a 135 km slurry pipeline for dewatering at port. Unincorporated joint venture between FMG Magnetite Pty Ltd (69%) and Formosa Steel IB Pty Ltd (31%). FY25 magnetite shipments 7.1 Mt (FY24: 1 Mt) on a 100% basis, with ore mined 19 Mt (FY24: 13 Mt) and concentrate production 7 Mt (FY24: 2 Mt). Following an optimisation assessment of the dry plant in the ore processing facility, guidance is 10-12 Mt of shipments in FY26 and an annualised rate of 16-20 Mt in H2 FY27; the 22 Mtpa nameplate capacity was re-timed to FY28 rather than reduced. The revised ramp-up profile was identified as an impairment indicator and the Iron Bridge CGU was tested at FY25.