Fortescue Metals Group (FMG) – iron ore shipment in Q4 CY’20 was recorded at 46.4 mn t, as against 44.3 mn t in Q3 CY’20. The shipments stood stable as compared to Q4 CY’19. The miner registered record high half-yearly shipments at 90.7 mn t for H2 CY’20.
FMG iron ore production fell in Q4 CY’20 – The total mined ore for the fourth quarter (Q4 CY’20) dropped to 50 mn t, down 14% q-o-q as compared to 58.4 mn t in Q3 CY’20. The quarter also saw a significant development as mining commenced at its Eliwana mine which is located in the Western hub of Pilbara. This milestone was achieved in Dec. ‘20.
On a yearly basis too, mined ore dropped by 8% as compared to 54.6 mn t in Q4 CY’19.
Guidance
- FY’21 guidance: FMG FY’21 (July 20-June’21) shipment guidance was intact at 175-180 mn t.
- Cost guidance for FY’21: It has been set at $13-13.5/wmt
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