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Fortescue Posts Third Consecutive Year of Record Exports – Commodity Commentary

By on July 28, 2022 0

By Rhiannon Hoyle


Fortescue Metals Group Ltd. on Thursday announced an increase in iron ore production and mining costs for the year to June. Here are some highlights from its fourth quarter operational report.


On iron ore production:

“Fortescue’s exceptional operating performance continued in the 4th quarter of FY22, with mining, processing, rail and shipping combining to deliver record shipments of $189.0 million [metric] tonnes in FY22, up 4% from FY21 and exceeding the upper forecast limit of 188.0 million tonnes. FY22 marks the third consecutive year of record shipments, reflecting strong performance across the supply chain and the successful integration of Eliwana, which began operations in January 2021.”


On the stairs :

“China’s crude steel output was 527 million tons in the first half of calendar year 2022, down 6.5% from the same period last year. The price of iron ore tended to decline over the period, impacted by Covid-19 restrictions that disrupted downstream steel demand and a weakening global economic outlook.”


On the Iron Bridge project:

“The Iron Bridge Magnetite Project will deliver 22 million tonnes per annum of high-grade 67% Fe magnetite concentrate, with first production scheduled for the March quarter of 2023. During the quarter, the project achieved key milestones , including the unloading of six modules at Port Hedland. , bringing the total as of June 30, 2022 to 20 of the 21 modular ships docked and unloaded. All critical path elements have now been delivered to site and the remaining vessel was delivered and offloaded in July 2022.”


On the outlook:

“Building on another year of record performance, our guidance for FY23 reflects our continued commitment to maximizing returns from our integrated operations and marketing strategy, with total shipments in the range of 187-192 million tons. We remain focused on innovation and productivity to maintain our industry cost leadership position and deliver strong operational performance.”


Write to Rhiannon Hoyle at [email protected]