https://www.miningweekly.com
Efficiency|Iron Ore|Power|PROJECT|Products|Operations
Efficiency|Iron Ore|Power|PROJECT|Products|Operations
efficiency|iron-ore|power|project|products|operations

Fortescue reports solid quarter

20th October 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Iron-ore miner Fortescue has reported a minor increase in production for the first quarter ended September, as production and shipments remained within guidance.

The miner told shareholders on Thursday that it had produced 49.5-million tonnes of ore in the three months to September – a 4% increase on the 47.8-million tonnes produced in the previous quarter.

Ore shipments also increased by 1%, to 43.8-million tonnes.

“Key to our sustained performance has been the alignment of our marketing and operations strategies to optimise production, maximise efficiency and consistently deliver quality products," said Fortescue CEO Nev Power.

“This has driven C1 costs to $13.55/t, the eleventh consecutive quarterly reduction, generating continued strong cash margins.”

Fortescue maintained its full-year production guidance of between 165-million and 170-million tonnes of ore shipped, with C1 costs expected to reach between $12/t and $13/t.

Fortescue recently acquired full ownership of the Nullagine project, in Western Australia, after buying joint venture (JV) partner BC Iron’s 75% interest for A$1. The company said that it would constantly evaluate the viability of restarting the mothballed operations, subject to market conditions.

Operations at the Nullagine JV were suspended at the end of last year on the back of falling iron-ore prices, with the project sending its last shipment in March.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.14 0.178s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: