Fortescue shipped 48.7 million tonnes (Mt) of iron ore during the December 2023 quarter, a six per cent increase from the previous quarter.
The figure contributed to 94.6Mt shipments being dispatched in the first half of the 2023–24 financial year (FY24), which is the second highest first half shipments figure recorded in Fortescue’s history.
“We achieved this while continuing to grow our green technology, energy and metals businesses, keeping costs low and maintaining our safety performance,” Fortescue Metals chief executive officer Dino Otranto said.
Guidance for FY24 total iron ore shipments remains unchanged at 192–197Mt, which is inclusive of 2–4Mt for the Iron Bridge magnetite project.
“Demand for Fortescue’s suite of iron ore products remains strong and our entry into the higher-grade segment of the market through Iron Bridge has been well received, with our second magnetite shipment during the quarter,” Otranto said.
“This is further supported by the Belinga project in Gabon where we shipped our first product in December.”
Decarbonisation continued to be a large focus for Fortescue during the December quarter.
“Our decarbonisation plan is progressing well with the first of an initial three electric excavators now operational in the Pilbara,” Otranto said.
“Powered by a 6.6kV (kilovolt) substation and more than two kilometres of high voltage trailing cable, this electric excavator is the first of its kind in Australia for the mining industry.”
The major also announced the construction of a Christmas Creek green iron trial commercial plant in Western Australia.
“This facility will produce green iron using the existing green hydrogen already being produced at site, marking a significant milestone in Fortescue’s green iron strategy,” Otranto said.
Fortescue’s cash balance equalled $US4.7 billion as of December 31, compared to the $US3.1 billion recorded on September 30 last year.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
