Fortescue (ASX:FMG) share price climbing despite cost blowout rumours
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed 1.37% higher in early trade today despite reports of cost blowouts at its Iron Bridge Magnetite Project.
Why is the Fortescue share price under pressure?
According to a report in The Australian, Fortescue is looking at revising its project costs. Industry sources quoted by the paper say the US$2.6 billion project could see costs increased by 25%.
The report noted that Fortescue has not yet agreed to a revised budget with its project…