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- Fortescue Metals Group (FMG) reports record full-year iron ore shipments of 192Mt for FY23
- Significant milestones in the June quarter were achieved at its Iron Bridge project and at the company’s Belinga project in Gabon
- FMG earned average revenue of US$96 per dry metric tonne of iron ore in Q4 FY23
- Fortescue has set big targets for FY24, with a total shipment goal of 192-197Mt tonnes of iron ore, including seven million tonnes from Iron Bridge
- FMG shares are down 2.06 per cent, trading at $23.24 at 2:45 pm AEST
Fortescue Metals Group (FMG) has reported record full-year iron ore shipments of 192 million tonnes (Mt) for the 12 months to June 30, 2023.
During the quarter, Fortescue achieved a significant milestone at its Iron Bridge project, which commenced production of high-grade magnetite concentrate, with the first shipment loaded on July 24.
Progress was also made at the company’s Belinga iron ore project in Gabon, with the first of its ore products mined and loaded on a train with shipment anticipated to be dispatched by the year’s end.
The company continues with securing a safe approach to delivering its Total Recordable Injury Frequency Rate (TRIFR) of 1.8Mt, and iron ore shipments of 48.9Mt in the fourth quarter of FY23 contributed to the record shipments.
FMG earned an average of US$96 per dry metric tonne of iron ore sold in Q4 FY23.
The company’s strong generation of cash flow has bolstered its financial standing, leading to a cash balance of $4.3 billion and a net debt of $1.0 billion as of June 30, 2023. A significant reduction in net debt from $2.1 billion at the end of March 2023.
In a bid to achieve decarbonisation goals, FMG’s first battery electric haul truck prototype was delivered to the Christmas Creek site for testing in real operating conditions in the Pilbara region.
Furthermore, July 2023 marked the celebration of Fortescue’s 20th anniversary, and the company announced its decision to consolidate Fortescue Metals and Fortescue Future Industries (FFI) into a single brand, Fortescue.
The new entity will operate in two divisions, metals and energy, with the energy division to comprise FFI and WAE Technologies.
Moreover, Fortescue’s expansion into the green energy sector has seen significant progress, with its acquisition of the Phoenix Hydrogen Hub in the United States approved in July.
Looking forward, Fortescue has set ambitious targets for FY24, with a total shipment goal of 192-197Mt of iron ore, including an estimated seven million tonnes from Iron Bridge.
FMG shares were down 2.06 per cent, trading at $23.24 at 2:45 pm AEST.
