Fortescue Lifted Guidance for Full Year Shipments

The Iron Bridge Magnetite project made significant progress and achieved key milestones during the quarter.

SEATTLE (Scrap Monster): Fortescue announced record third quarter operating performance. In its March 2022 Quarterly Production Report, the company upgraded guidance for full year shipments.

The iron ore shipments during Q3 FY22 totalled 46.5 million tonnes (mt), higher by 10% than the shipments during Q3 FY21. The cumulative shipment during the nine-month period of FY22 touched a new record of 139.58 mt. Based on the strong quarterly performance, Fortescue upgraded its guidance for FY22 shipments from earlier 180-185 mt to 185-188 mt, the company press release noted.

The Iron Bridge Magnetite project made significant progress and achieved key milestones during the quarter. The capital estimate of the project has been revised upwards to $3.6-3.8 billion from earlier estimates of $3.3-3.5 billion.

The company reported cash balance of $2.2 billion at the end of Q3 FY22. This compares with $2.9 billion as on 31^st December, 2021.

Elizabeth Gaines, Chief Executive Officer, Fortescue noted that the excellent operating performance continued to drive strong results. The robust performance was underpinned by the successful delivery and ramp up of the Eliwana project and successful execution of its integrated operations and marketing strategy. Fortescue is well placed to finish the financial year strongly, Gaines added.

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