Fortescue Metals (ASX:FMG) has started production of high-grade magnetite concentrate at its Iron Bridge joint venture project with Formosa Steel.

Located in Western Australia, the facility has produced a magnetite product with a first run grade of over 68% Fe.

It will produce 22 million tonnes of high-grade magnetite concentrate annually.

The project involved over 20 million work hours and almost 20 years of planning, with a total capital expenditure of $0.5 billion.

Iron Bridge marks Fortescue's entry into the high-grade iron ore market and is expected to significantly contribute to the company's growth and sustainability.