Business|Energy|Exploration|Financial|Iron Ore|PROJECT|Projects|Technology|Trucks|Maintenance|Operations
Business|Energy|Exploration|Financial|Iron Ore|PROJECT|Projects|Technology|Trucks|Maintenance|Operations

Solid quarter for Fortescue Metals

26th October 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online


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Iron-ore major Fortescue Metals has delivered a “solid quarter”, with shipments of 49.5-million tonnes contributing to the milestone of two-billion tonnes shipped since the company started operations, CEO Dino Otranto reported on Thursday.

“We started our business just 20 years ago, commenced full-scale operations 15 years ago and reached one-billion tonnes of iron-ore shipped less than six years ago,” said Otranto, who became CEO in August when Fiona Hick quit.

The first-quarter iron-ore shipments were 3% lower than the year-earlier period, owing to increased maintenance activity and lower stocks at port following strong shipments in the fourth quarter.

During the September quarter, the Iron Bridge mine transitioned to operational production and achieved its first shipment of high-grade magnetite product.

Further supporting the firm’s growth strategy is the Belinga iron-ore project in Gabon, where exploration and study activities are being advanced.

Fortescue is targeting iron-ore shipments of 192-million to 197-million tonnes, including about five-million tonnes from Iron Bridge, for the 2024 financial year. C1 cash costs are forecast to be $18/wmt to $19/wmt.

Meanwhile, Fortescue Energy CEO Mark Hutchinson reported that the group was progressing its green energy projects and executing its decarbonisation roadmap.

“Our battery electric haul truck prototype is being tested at our Chichester Hub and we have also received the first T264 haul truck from Liebherr which signifies the start of the conversion of our fleet to zero emissions.

“The initial delivered units will be diesel powered with the remaining battery electric. The diesel-powered trucks will be converted to our in-house battery solution developed by Fortescue WAE.

“Together with our strong balance sheet and focus on investing in growth, we are well placed to advance our transition to becoming the number one green technology, energy and metals company while ensuring we continue to deliver benefits to all our stakeholders,” he said.

The company aims to take five green energy projects to final investment decision by the end of the current calendar year.

Edited by Creamer Media Reporter



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