Australia’s leading miner, Fortescue Metals Group (FMG), has released its operational results for the September quarter. Iron ore shipments in Q3CY’22 were recorded at 47.5 million tonnes (mnt), down by 4% q-o-q compared to 49.5 mnt in Q2CY22.
However, on a yearly basis, shipments rose by 4% y-o-y as against 45.6 mnt in Q3CY’21.
Iron ore production down in Q3
Total mined ore for the third quarter moved down to 54.8 mnt, down 7% q-o-q compared to 59.2 mnt in Q2CY’22. Output decreased by 10% y-o-y compared to 60.8 mnt in the same quarter last year.
Fortescue Metals Group (FMG) production
Volume references are based on wet metric tonnes (wmt).
Product is shipped with approximately 9% moisture.
Production guidance
- Shipment guidance for FY’23: Based on the continued strong operating performance in Q3CY’22, the guidance for iron ore shipments has remained stable at 187-192 mnt.
- Cost guidance for FY’23: Cost guidance remains unchanged at $18.00-18.75/wmt.
Fortescue Chief Executive Officer, Elizabeth Gaines, said, “The Fortescue team has delivered a strong start to FY’23 with record first quarter shipments of 47.5 mnt. Importantly, the team achieved our lowest Total Recordable Injury Frequency Rate of 1.7, demonstrating our continued commitment to look out for our mates on our journey to zero harm. Against this backdrop of a strong performance for the first quarter, we are well positioned to meet our guidance, execute our strategy and ensure all our stakeholders continue to benefit from Fortescue’s success.”
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