PERTH (miningweekly.com) – Iron-ore major Fortescue Metals on Friday told shareholders that it was well on its way to achieving its shipping target of between 155-million and 160-million tonnes of iron-ore for the full 2015, after maintaining a strong operational performance in October.
During the month, Fortescue delivered 14.4-million tonnes of iron-ore, at an annualised rate of 172-million tonnes a year, and a C1 cost of $29/t.
“Our consistent excellent performance is a testament to Fortescue’s dedication to increasing productivity and reducing cost and has reinforced our position as a world-class, low-cost producer of iron-ore,” said CEO Nev Power.
Power said that the company remained focused on delivering additional efficiencies throughout its entire operations, with the company also continuing is strategy of debt reduction as it moved towards an initial targeted gearing level of 40%.
“At Fortescue, we concentrate on things we can control and that means innovating and finding efficiencies in our operations as part of our hardwired culture of reducing costs and delivering the high volume of low-cost ore demanded by our customers,” he added.