Australia: FMG’s iron ore output dips 7% q-o-q in Q3CY’25

• Iron ore shipments fall 7% q-o-q in Q3CY’25
• Material shipment guidance stable at 195-205 mnt

Fortescue Metals Group (FMG) has released its operational results for July-September 2025 (Q3CY’25).

Iron ore production during this quarter stood at 60.1 million tonnes (mnt), lower by 6.5% compared to 64.3 mnt in Q2CY’25. Meanwhile, on a y-o-y basis, the volume of ore mined surged higher by 5% from 57.1 mnt in Q3CY’24. The increase was supported by higher volumes from the Iron Bridge facility, where production climbed sharply from 2.9 mnt to 9.3 mnt on a q-o-q basis.

Volume references are based on wet metric tonnes (wmt).

Operational highlights

Iron ore shipments drop q-o-q in Q3CY’25

The company delivered record iron ore shipments of 49.7 mnt in Q3CY’25. Volumes fell 10% against 55.2 mnt in the past quarter, whereas a decent 4% increment was observed on a y-o-y basis against 47.7 mnt in Q3CY’24.

The Q3CY’25 volume included haematite shipments of 47.6 mnt and Iron Bridge Concentrate shipments of 2.1 mnt.

Shipment, cost guidance for FY’26

• Shipment guidance: FMG has kept its full-year shipment guidance intact at 195-205 mnt, including 10-12 mnt from Iron Bridge (100% basis).
• Cost guidance: Cost guidance for haematite held stable at $17.50-18.50/wmt.

The guidance assumes an average AUD:USD exchange rate of 0.65 for FY’26 and factors in expected increases in labour costs and mine plan impacts, which are expected to be balanced by cost control and efficiency efforts.

Other highlights

• FMG progressed its revised Hematite life-of-mine plan, incorporating the Blacksmith Project to improve orebody utilisation and material movement, strengthening its position as a low-cost, capital-efficient operator focused on long-term value creation.
• Exploration advanced across key iron ore assets, with multiple rigs active in the Pilbara for near-mine and infill drilling, and continued progress at the Belinga Project supported by reverse circulation and diamond core drilling programs.

The Australian financial year (FY) runs from 1 July to 30 June.