Fortescue reports record results

Iron ore major Fortescue Metals has recorded a strong third quarter (Q3) performance, with big news on its Iron Bridge Magnetite project.

Financial highlights from the quarterly report include a net debt of $US2.1 billion ($3.1 billion) was recorded as of 31 March 2023, after payment of the interim dividend of $US1.5 billion ($2.2 billion) and capital expenditure of $US681 million ($1 billion) in the quarter.

Fortescue’s production highlights include iron ore shipments of 46.3 million tonnes (Mt) in Q3 FY23, which contributed to record shipments for the nine months ending on March 31 of 143.1Mt.

Fortescue recorded its first wet concentrate produced from the ore processing facility at the Iron Bridge Magnetite project on April 21, ahead of being pumped to Port Hedland.

Fortescue Metals chief executive officer Fiona Hick said it has been another strong quarter for the company, crediting its continued focus on safety, production and cost.

“On the Iron Bridge Magnetite Project, I am pleased to report that the first wet concentrate was produced on Friday. The team is very focused on the safe commissioning and production ramp up,” Hick said.

“This is a significant milestone for Fortescue as Iron Bridge represents our entry into the highest-grade segment of the iron ore market, providing an enhanced product range while also increasing production and shipping capacity.

“It demonstrates our strong track record of successfully delivering complex projects safely.”

Hick said Fortescue will continue to advance its decarbonisation plan to work towards eliminating emissions from its iron ore operations by 2030. 

“Together with our strong balance sheet and focus on investing in growth, we are well placed to advance our transition to a global green metals and energy company and ensure all stakeholders continue to benefit from Fortescue’s success,” Hick said.

Australian Mining.

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