Business|Energy|Exploration|Iron Ore|Mining|PROJECT|Safety|Products|Drilling|Operations
Business|Energy|Exploration|Iron Ore|Mining|PROJECT|Safety|Products|Drilling|Operations

Fortescue posts record quarter

Image shows Fortescue mining operations

Photo by Bloomberg

27th January 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


Font size: - +

PERTH ( – Iron-ore major Fortescue Metals has reported a record quarter in the three months to December, driving its best-ever half-year operating performance.

“The Fortescue team delivered our highest ever December quarterly shipments of 49.4-million tonnes, our best ever half-year, grew the mineral and green energy business globally, strengthened our balance sheet, kept costs low, all while maintaining our excellent safety performance,” said executive chairperson Dr Andrew Forrest.

Iron-ore shipments in the second quarter were up from the 47.5-million shipped in the first quarter, bringing half-year shipments for the first half of the year to 96.9-million tonnes, a 4% increase on the previous corresponding period and marking a record half-year.

Average revenue of $87/t was achieved, realising 88% of the average Platts 62% CFR Index for the quarter, while C1 costs for the quarter were down 3% on the previous quarter to $17.17/t.

“We are now nearing the 200-million-tonne annualised rate in our iron-ore business even before we commission Iron Bridge. Our company has never performed better on the mining, exploration, green hydrogen and green energy development front, while leading the world as the first heavy industry company to achieve real zero with a fully costed plan. Fortescue will step beyond fossil fuels this decade, saving shareholders approximately $1-billion a year and setting the global stage for all environmentally responsible companies to follow,” said Forrest.

During the quarter under review, Fortescue progressed the development of its 22-million-tonne-a-year Iron Bridge project, with first production scheduled for the end of the March quarter this year.

First ore was processed in the plant at the end of October.

The project is estimated to cost at the higher end of its capital estimate of between $3.6-billion and $3.8-billion, with Fortescue’s share amounting to between $2.7-billion and $2.9-billion.

“Demand for Fortescue’s suite of iron-ore products remains strong and our entry into the higher-grade segment of the market has been well received, with significant interest in the Iron Bridge magnetite concentrate. This is further supported by the Belinga project in Gabon, with engagement rapidly advancing and very positive geological assessments from ground mineral surveys. The initial drilling programme is expected to commence in March 2023. We also continue to develop our rare earths division as announced at the 2022 annual general meeting,” Forrest added on Friday.

Looking at the full year, Fortescue has set an iron-ore shipment guidance of between 187-million and 192-million tonnes, at a C1 cost of between $18/t and $18.75/t, with capital expenditure (capex) for the year anticipated at $2.7-billion to $3.1-billion, excluding expenditure for the Fortescue Future Industries operations, which is anticipated to have between $500-million and $600-million in operating expenditure, and a further $230-million of capex.

Edited by Creamer Media Reporter


Latest Multimedia

Photo of Martin Creamer
On-The-Air (01/03/2024)
Updated 2 hours 48 minutes ago By: Martin Creamer

Latest News

Magazine video image
Magazine round up | 01 March 2024
1st March 2024



Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...


Latest Multimedia

sponsored by

Photo of Martin Creamer
Gold, carbon emissions, renewable projects make headlines
Updated 6 hours ago
Magazine video image
Magazine round up | 01 March 2024
1st March 2024
Implats CEO Nico Muller
Implats expecting phased reduction in group output
29th February 2024 By: Martin Creamer

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
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?







sq:0.231 0.272s - 105pq - 2rq
Subscribe Now