Fortescue Posted Jump in First Quarter Iron Ore Shipments

The business also reinforced its forecast for iron ore shipments for the current fiscal year.

SEATTLE (Scrap Monster): During the first quarter of the current fiscal year, Fortescue recorded a little increase in iron ore shipments. Strong performance at the Iron Bridge Project was the primary driver of the 4% increase in shipments.

In the quarter that concluded on September 30, 2024, the business shipped 47.7 million tonnes (Mt) of iron ore, according to a press release. This is in contrast to 45.9 Mt of shipments from the same quarter last year. The quarterly exports were higher than the 47.4 Mt analysts had predicted. It should be mentioned that during the quarter that ended on June 30, 2024, shipments totalled 53.7 Mt. The business also reinforced its forecast for iron ore shipments for the current fiscal year.

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Due in part to Iron Bridge's excellent performance, the total amount of ore mined in Q1 FY25 was 57.1Mt, which was somewhat more than the same period the previous year. 48 Mt of ore were processed in total, which was consistent with Q1 FY24.

The company attained several milestones during the quarter, including the commencement of works at our Green Metal Project at Christmas Creek. This marks an important step in its journey towards building a green metal supply chain.

Dino Otranto, the CEO of Fortescue Metals, said the company had a great start to FY25 while keeping safety as its first priority. He noted that the company is on pace to reach its market projection for FY25.

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