Australia’s Fortescue posted a 4.2% rise in first-quarter iron ore shipments on Thursday as the firm logged a record for first-quarter production on the back of higher hematite shipments.
Its hematite operations shipped 47.6 million tonnes (Mt) during the quarter, 3.3% higher than last year, boosting the firm’s first-quarter shipments to 49.7 Mt of iron ore — in line with Visible Alpha’s consensus of 49.6 Mt and above the 47.7 Mt shipped a year ago.
Fortescue said it has drawn down the yuan-denominated loan worth 14.2 billion Chinese yuan ($1.99 billion) that it had secured in August to ramp up its decarbonization plans.
At the time, the five-year syndicated term-loan facility with a 3.8% per annum fixed interest rate was backed by leading Chinese, Australian and international lenders, including Bank of China and ICBC.
For the quarter, the world’s fourth-largest iron miner’s production costs stood at $18.17 per wet metric ton, 9.9% lower than last year.
Fortescue maintained its guidance for iron ore shipments for fiscal 2026 between 195 Mt and 205 Mt.
($1 = 7.1230 Chinese yuan renminbi)
(By Shivangi Lahiri and Sherin Sunny; Editing by Alan Barona)
