Fortescue Metals Shipments Hit Fresh Record

SEATTLE (Scrap Monster): Fortescue Metals Group reported strong December quarter performance and record half year shipments.

The company press release said that iron ore shipments of 47.5 million tonnes (mt) in second quarter contributed to total shipments of 93.1 mt during the initial six-month period of FY22. The shipments, which touched new record, stood higher by 3%, compared with H1 FY21. Also, the C1 cost was in line with the prior quarter.

Fortescue achieved several key milestones during the December quarter. It continued to accelerate transition to a vertically integrated green energy and resources company. The recent acquisition of Williams Advanced Engineering will further support these targets. In connection with the target, it intends to further demonstrate the commitment to green energy and the creation of a sustainable future.

The company’s cans balance stood at $2.9 billion as at the end of 31^st December, 2021, compared to $4.1 billion a quarter before. The gross debt increased to $4.6 billion at the end of the December quarter, compared with $4.2 billion during the previous quarter.

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For the full year FY22, Fortescue expects iron ore shipments to range between 180 mt to 185 mt. The C1 costs are likely to be in the range of US$15.00 - US$15.50/wmt. Also, the company increased its capital expenditure by $200 million to $3.0-$3.4 billion.