Australia’s leading miner, Fortescue Metals Group (FMG), released its operational results for March 2022 quarter today. Iron ore shipments in Q1CY22 were recorded at 46.5 million tonnes (mnt), inching down by 2% q-o-q compared to 47.5 mnt in Q4CY21.
However, on a yearly basis, the shipments rose by 10% as against 42.3 mnt in Q1CY21.
Iron ore production down in Q1CY22
Total quantity of mined ore for the first quarter decreased to 51.6 mnt, down 10% q-o-q as compared to 57.2 mnt in Q4CY21. Also, the output decreased by 4% y-o-y compared to 53.6 mnt in the same quarter last year.
Fortescue Metals Group (FMG) Production Summary
Volume references are based on wet metric tonnes (wmt).
Product is shipped with approximately nine percent moisture.
Production guidance
- Iron ore shipment guidance revised: Based on the strong operating performance in the nine months (July 2021-March 2022), the guidance for iron ore shipments has increased to 185-188 mnt from 180-185 mnt.
- Cost guidance for FY’22: It has been revised to $15.75-16.00/wmt against $15.00-15.50/wmt, reflecting updated crude oil price assumptions and AUD: USD exchange rate.
Fortescue Chief Executive Officer, Elizabeth Gaines, said, “Fortescue’s excellent operating performance continues to drive strong results, with shipments of 46.5 mnt in the third quarter contributing to record shipments in the nine months to 31 March 2022. This strong performance is underpinned by the successful delivery and ramp up of the Eliwana project, and execution of our integrated operations and marketing strategy, resulting in the upgrade to FY22 shipment guidance to 185 – 188 mnt.
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