Fortescue posts record first-quarter iron ore shipments
The Australian mining giant’s shipments totalled 47.7m tonnes in the July-September period
The results represent a 4% increase on the same period last year and are a welcome good start to the financial year after it missed its estimates for 2023/24
FORTESCUE has reported record iron ore shipments for the first quarter of its new financial year, which runs from July 1 to June 30.
Shipments totalled 47.7m tonnes, which was up 4% on the same period last year. The Australian mining giant also reported 2% growth in iron ore mined, registering 57.1m tonnes versus 56.2m tonnes in 1Q24.
That total includes a “strong performance” at the company’s Iron Bridge project, approximately 145 km south of Port Hedland, Western Australia. Production started at the site in May 2023, with Fortescue planning to run Iron Bridge using only renewable energy by 2030.
The results represent a welcome strong start to the new financial year, after Fortescue missed its iron ore shipment estimates last year, finishing on 191.6m tonnes (400,000 tonnes short of the lower end of the range).
Fortescue has estimated iron ore shipments of 190m-200m tonnes in 2024/2025, including 5m-9m tonnes from Iron Bridge.
The results come as China continues to import iron ore despite its declining steel output. A report from Reuters has suggested imports could reach record highs in October, potentially hitting 120m tonnes. The current record is 112.7m tonnes from July 2020.
