Fortescue posts record shipments in year-to-date

Iron-ore shipments in the three months to March reached 42.3-million tonnes, which was on par with the record third quarter shipments reported last year, while year-to-date shipments reached 132.9-million tonnes, a 2% increase on the previous corresponding period.

Fortescue told shareholders that average revenue of $143/t was a 17% increase compared with the previous quarter, with revenue realization at 86% of the average Platts 62% CFR index.

“Fortescue’s excellent operating performance continues to drive strong results, with shipments of 42.3-million tonnes in the third quarter contributing to a record shipping performance for the first nine months of the financial year,” said CEO Elizabeth Gaines on Thursday.

“The commissioning of the Eliwana mine has contributed to an increase in both ore mined and processed during the quarter, despite the impact of significant rainfall across our operations in the Pilbara,” she added.

C1 costs for the quarter reached $14.90/t, an increase of 16% compared with the second quarter, owing to seasonally lower volumes and the strength of the Australian dollar, while year-to-date C1 costs reached $13.45/t.