Fortescue Metals Hit Record Iron Ore Shipments in Q3 FY23

SEATTLE (Scrap Monster): Fortescue Metals Group announced steady iron ore shipments of 46.3 million tonnes (mt) in Q3 FY23. Meantime, the shipments hit a new record of 143.1 mt during the initial nine-month period of the fiscal year FY 23, higher by 3% when compared with the corresponding period a year before.

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According to company press release, the company achieved several key milestones during the quarter. The Ore Processing Facility at the Iron Bridge Magnetite Project produced the first wet concentrate on 21^st April, 2023. Also, it signed the Mining Convention for the Belinga Iron Ore Project in Gabon, with first mining expected by H2 this year. In addition, the company reported completion of construction works at Fortescue Future Industries’ (FFI) electrolyser manufacturing facility in Gladstone.

Fortescue Metals kept its guidance for FY23 shipments, C1 cost and capital expenditure unchanged. The iron ore shipments are expected to range between 187 and 192 mt. It anticipates C1 cost to be the range of US$18.00 - US$18.75/wmt. Also, capital expenditure, excluding FF1, is likely to range between US$2.7 billion and US$3.1 billion.

Fiona Hick, Chief Executive Officer, Fortescue Metals credited the team for the strong quarterly performance of its core iron ore business. This demonstrates its continued focus on safety, production and cost, Hick added.