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Fortescue sets record shipments in June

Fortescue sets record shipments in June

Photo by Bloomberg

11th July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore major Fortescue Metals on Friday reported that it had achieved a record 160-million-tonne annualised run rate during June this year, following the completion of its $9.2-billion expansion.

During the month of June, the miner reported shipments of 13.3-million tonnes, taking its quarterly shipments to 38.7-million tonnes, or an annualised rate of 155-million tonnes.

Some 124.2-million tonnes of iron-ore product was shipped during the financial year ended June, at an average realised price of $106/t to generate revenues of $11.4-billion.

CEO Nev Power told shareholders that the company’s latest record quarter was an outstanding end to the financial year.

“The accelerated rapid ramp-up to a sustained 155-million-tonne-a-year rate for the June quarter highlights the outstanding achievements and commitment of everyone at Fortescue. I am very excited about the 2015 financial year, with our continued drive towards global safety leadership and the dedication of our people to deliver another exceptional result for our company.”

Edited by Creamer Media Reporter

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