Fortescue lowers H2 cost guidance
PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has slashed its C1 cash costs during the quarter ended December, prompting the miner to decrease its C1 guidance for the second half of the 2015 financial year.
C1 costs during the December quarter averaged $28.48/oz, a decrease of 11% on the previous quarter, and reflected Fortescue’s continued focus on operational efficiencies across its sites, a lower Australian dollar and lower fuel prices.
The miner said that the full impact of the fall in oil costs and the value of the Australian dollar would flow into the C1 cost during the March quarter, assuming consistency in the market.
As such, Fortescue on Thursday revised its second-half C1 costs to between $25/t and $26/t, resulting in C1 operating costs guidance for the full year reaching between $28/t and $29/t, compared with the previous guidance of between $31/t and $32/t.
Meanwhile, Fortescue has reported that its operations continued to deliver well during the quarter, with some 43.6-million tonnes of ore mined during the period, up 2% on the previous quarter, and some 41.1-million tonnes of ore shipped. This was a slight decline from the 41.5-million tonnes of ore shipped in the first quarter.
The miner noted that managing mining activities and maximising its ore processing facility performances remained a key priority to improving working capital and reducing run-of-mine inventory levels over the remainder of 2015.
For the full year, Fortescue expected to produce and ship between 155-million tonnes and 160-million tonnes of ore.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
