Fortescue lowers C1 costs further
PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has reported a slight decline in production during the three months to September, while shipping volumes remained relatively unchanged.
Ore mined during the quarter reached 45.7-million tonnes, down from the 53.5-million tonnes produced in the previous quarter, while total ore shipped was down from 44.7-million tonnes to 44-million tonnes.
“The September quarter has continued our excellent operational performance, shipping 44-million tonnes and further reducing C1 costs to a record low and industry leading $12.15/t,” said Fortescue CEO Nev Power.
“C1 cost momentum has continued as evidenced by an equivalent C1 cost of $11.65/t for the quarter based on a constant exchange rate of $0.75.”
Total capital expenditure for the quarter reached $173-million, inclusive of sustaining capital, ship construction, exploration and development expenditure.
Cash on hand at the end of the three months to September was recorded at $2.3-billion, with gross debt standing at $4.4-billion.
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