Fortescue iron ore production up 5pc
Peter Ker
Fortescue Metals has made a solid start to the financial year, shipping 44.3 million tonnes of iron ore in the three months to September 30.
The result was 5 per cent stronger than the same period of last year, which ultimately resulted in Fortescue shipping record annual volumes.
The result means Fortescue is on track to achieve its guidance of shipping between 175 million and 180 million tonnes in fiscal 2021.
Price realisations were also strong, with Fortescue's ore fetching 89 per cent of the benchmark iron ore price.
That is a big improvement from the tough times of 2017 when Fortescue's product was suffering price penalties of more than 35 per cent at times.
Fortescue Metals Group CEO Elizabeth Gaines. Philip Gostelow
Iron ore price, page-24764
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