A major magnetite project was hemorrhaging money. Cost overruns had reached $300 million with no end in sight. The complexity of magnetite processing, combined with contractor disputes and pandemic disruptions, created a perfect storm. Market analysts questioned whether the company could deliver anything beyond simple direct shipping ore. The project was too important to fail. It represented the company's entry into high grade products and their future beyond bulk commodities.

We deployed a specialist recovery team with authority to cut through the dysfunction. Rather than months of analysis, we embedded experienced practitioners directly into work faces to understand the real issues. Daily cost tracking at activity level made problems visible in hours, not monthly reports. We established a physical war room where all parties worked together, eliminating the communication delays that were costing millions each week. Key contracts were restructured from adversarial claims based arrangements to collaborative models with aligned incentives. We introduced psychological safety protocols that encouraged people to identify problems early rather than hide them.

Spending rates dropped 40% within 4 weeks as transparency drove accountability. The $300 million overrun trajectory was not just stopped but partially reversed through scope optimisation and productivity improvements. Contractor relationships transformed from adversarial to collaborative, with several offering innovative solutions to shared challenges. The project achieved first production within the revised timeline, validating the company's magnetite strategy.