Australia: FMG’s iron ore production, shipments edge up q-o-q in Q4CY’25

• Production rises 7% y-o-y in CY’25, shipments up 4%
• FY’26 production guidance kept stable at 195-205 mnt

Fortescue Metals Group (FMG) has released its operational results for October-December 2025 (Q4CY’25).

Iron ore production during this quarter stood at 61.4 million tonnes (mnt), a rise of 2% against 60.1 mnt in Q3CY’25. Meanwhile, on a y-o-y basis, the volume of ore mined held largely stable against 61.9 mnt in Q4CY’24. The quarterly figure was supported by higher volumes from the haematite facility, where production increased from 50.9 mnt to 52 mnt on a q-o-q basis.

Meanwhile, total production in CY’25 stood at 241.3 mnt, up by 7.4% against 224.6 mnt in CY’24.

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

Operational highlights

Iron ore shipments rise q-o-q in Q4CY’25

The company delivered record iron ore shipments of 50.5 mnt in Q4CY’25. Volumes rose 2% against 49.7 mnt in the past quarter, whereas again a small 2% rise was observed on a y-o-y basis against 49.4 mnt in Q4CY’24.

The Q4CY’25 volume included haematite shipments of 48.3 mnt and Iron Bridge Concentrate shipments of 2.2 mnt.

Moreover, shipments totalled 201.5 mnt in CY’25, a slight uptick of 3.8% against 194.1 mnt in the same period last year.

Shipment, cost guidance for FY’26

• Shipment guidance: FMG has kept its full-year shipment guidance unchanged at 195-205 mnt, including 10-12 mnt from Iron Bridge (100% basis).
• Cost guidance: Cost guidance for haematite was held unchanged 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 reported a strong safety performance with a Leading Safety Index (LSI) of 160 and a total recordable injury frequency rate (TRIFR) of 1.5 as of end-December 2025.
• During the quarter, FMG delivered its first large-scale 250 MWh battery energy storage system in the Pilbara as part of its decarbonisation strategy, while also progressing solar and electric equipment deployments. On growth, the company entered a binding agreement to acquire the remaining stake in Alta Copper and advanced studies at the Belinga iron ore project in Gabon.

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