The contract is for the delivery of Outotec HIGmill high-intensity grinding mills and services, including the design and delivery of 10 advanced grinding mills, as well as installation and commissioning and site services to support the customer with site operation and maintenance.
The deliveries will take place in 2020 and 2021.
"After extensive evaluation of available technologies and a comprehensive test work program in collaboration with Fortescue, Outotec HIGmill technology was selected for this industry-first process circuit due to significant benefits in energy savings," Outotec head of mineral processing Kimmo Kontola said.
"Additionally, considering the amount of grinding power required for this project along with Fortescue's objective to reduce the total number of mills required, the HIGmill, with the world's highest available installed power in a compact footprint, was best suited to meet the customer's requirements for this project."
Last month, UK-based Weir Group was awarded a £100 million contract to supply a high-pressure grinding roll comminution plant and water handling equipment.
The US$2.6 billion Iron Bridge project is due to start production in mid-2022 and will produce 22 million tonnes per annum of 67% magnetite concentrate.