January 25, 2024

Industry News

Fortescue Metals December 2023 Quarterly Production Report

Fortescue Metals has released its production report for the December quarter of 2023. The company´s Chief Executive Officer, Dino Otranto said: “We continue to deliver strong operational performance while making tangible progress towards our ambitious decarbonisation and green energy targets. It’s been another strong quarter with iron ore shipments of 48.7 million metric tonnes (Mmt) contributing to our second highest first half year shipments of 94.6 Mmt. We achieved this while continuing to grow our green technology, energy and metals businesses, keeping costs low and maintaining our safety performance.”

Some key points in the report were:

  • Iron ore shipments of 48.7 million metric tonnes (Mmt) in Q2 FY24 contributed to shipments of 94.6 Mmt in the first half of fiscal year 2024. the second highest first half shipments in Fortescue’s history.
  • Cash balance of US $4.7 billion and net debt of US $0.6 billion at 31 December 2023.
  • Guidance for fiscal year 2024 total shipments is unchanged at 192 – 197 Mmt. This is inclusive of Iron Bridge shipments of 2 – 4 Mmt (100 per cent basis, previously 5 Mmt).

“Demand for Fortescue’s suite of iron ore products remains strong and our entry into the higher-grade segment of the market through Iron Bridge has been well received with our second magnetite shipment during the quarter. This is further supported by the Belinga Project in Gabon where we shipped our first product in December,” said Mr Otranto.

“Our decarbonisation plan is progressing well with the first of an initial three electric excavators now operational in the Pilbara. Further supporting our commitment to eliminating emissions was the announcement of construction of a Green Iron Trial Commercial Plant at our Christmas Creek mine site. This facility will produce green iron using the existing green hydrogen already being produced at site, marking a significant milestone in Fortescue’s green iron strategy,” he added.

For further information, visit the Fortescue Metals website: www.fortescue.com