Fortescue has released its March 2025 Quarterly Production Report which gives details of the nine months leading to the end of the third quarter of the 2025 fiscal year (Q3 FY25). Dino Otranto, the chief executive officer of Fortescue Metals said, “We achieved another solid quarterly production result, shipping 46.1 million metric tonnes (Mm/t) of iron ore while maintaining our outstanding safety performance. This was a particularly impressive achievement, as the team safely and effectively navigated several significant weather events in the quarter. With record shipments achieved for the nine months leading up to 31 March 2025, we remain on track to deliver on our full year guidance.”

Total ore mined in Q3 FY25 was 55.5 Mm/t, 19% higher than Q3 FY24, with an increase in volumes across both the hematite operations and Iron Bridge. Total ore processed of 47.6 Mm/t was 12% higher than Q3 FY24. Total ore processed of 146.7 Mm/t in the nine months to 31 March 2025 was 5% higher than the prior corresponding period and a record. Total iron ore shipments of 46.1 Mm/t in Q3 FY25 were 6% higher than Q3 FY24. This contributed to record shipments for the nine months to 31 March 2025 of 143.2 Mm/t.

Hematite C1 cost of US$17.53 per wet metric tonne was 4% lower than Q2 FY25. Hematite average revenue of US$87 per dry metric tonne (dmt) for the quarter, realised 84% of the average Platts 62% CFR Index. Iron Bridge concentrate revenue of US$117 per dmt was 100% of the average Platts 65% CFR Index and 113% of the average Platts 62% CFR Index.

Fortescue´s cash balance at 31 March 2025 was US$3.3 billion and net debt was US$2.1 billion, after payment of the interim dividend of US$1.0 billion and capital expenditure of US$1.0 billion in the quarter.

“During the quarter, we also completed the acquisition of Red Hawk Mining which supports our strategy to continually optimise our iron ore operations in the Pilbara, giving us the flexibility to enhance our future mine plan,” said Mr Otranto. Red Hawk Mining Limited was acquired for A$254 million, with the Blacksmith Iron Ore Project to be integrated into Fortescue’s Life of Mine Plan.