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Australian iron ore giant Fortescue logs fourth consecutive year of record shipments

Kitco Media
By Vladimir Basov
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(Kitco News) - Australian iron ore miner Fortescue (ASX: FMG) yesterday reported record shipments of 192 million tonnes in its fiscal 2023 (FY23), achieving the top end of market guidance, and 2% higher than shipments in FY22.

“FY23 represents the fourth consecutive year of record shipments, reflecting strong performance across the entire supply chain and ongoing focus on productivity gains,” the company said in a news release.

Fortescue added that its C1 production costs were US$17.54/wet metric tonne (wmt) in FY23, 10% higher than the previous year and within the annual guidance range.

According to the company, strong cashflow generation contributed to a cash balance of US$4.3 billion and net debt of US$1.0 billion at 30 June 2023, compared to net debt of US$2.1 billion at 31 March 2023.

Fortescue also reported that Iron Bridge commenced production of high grade magnetite concentrate during the quarter and the first concentrate was loaded on ship on 24 July 2023.

In addition, first ore was mined and loaded on train at the Belinga iron ore project in Gabon, with the first shipment expected by the end of the calendar year.

The company noted continued progress on decarbonization with the first battery electric haul truck prototype delivered to the Christmas Creek site for testing in the Pilbara operating conditions.

Fortescue‘s FY24 guidance for total iron ore shipments is 192 – 197 million tonnes, including approximately 7 million tonnes from Iron Bridge (100% basis) and C1 cost for Pilbara hematite of US$18.00 - US$19.00/wmt.

Fortescue is one of the world’s largest and lowest cost iron ore producers. With world-class infrastructure and mining assets in the Pilbara, Western Australia, the company has shipped more than 1.7 billion tonnes of iron ore to its customers since 2008. The company also invests in green metals, green energy and green technologies.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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