Fortescue posts record quarterly output
PERTH (miningweekly.com) – Iron-ore major Fortescue Metals has reported another record quarterly production, with the June shipping rates exceeding expectations by some five-million tonnes.
The Australian miner told shareholders on Tuesday that output for the June quarter reached 25-million tonnes, a 24% increase on the previous quarter and a 40% increase on the previous comparable quarter.
Ore mined increased to 34.3-million tonnes, up 35% on the previous quarter, as strip ratios declined and operations continued to focus on efficiencies.
Fortescue said that the record results were achieved despite unseasonable wet weather conditions, which impacted on production performance at the port and mine sites.
The record production was achieved on the back of Fortescue’s continued expansion work, and the miner noted that loading capacity at the port also increased during the quarter to 120-million tons a year from two berths and three shiploaders, and would further increase to 155-million tonnes a year when the fourth berth and third shiploader was commissioned during July, in advance of the Kings mine completion.
The Kings development, at the Solomon Hub, was also progressing in line with expectations, Fortescue said, adding that commissioning is scheduled for the December quarter.
The Kings mine would allow Fortescue to produce at a run rate of 155-million tonnes a year across its supply chain by the end of the 2014 wet season.
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