Fortescue bucks weather woes to post higher Q3 iron-ore shipments
Australian miner Fortescue posted higher third-quarter iron-ore shipments on Thursday in line with analyst expectations, as output recovered from a train derailment in the same quarter a year earlier.
The iron-ore producer, chaired by its billionaire founder Andrew Forrest, posted quarterly iron ore shipments of 46.1-million metric tons (mt), compared with 43.3-million mt reported a year earlier. That was largely in line with a Visible Alpha consensus estimate of 46.8-million mt.
The uptick in iron-ore shipments comes despite Fortescue facing significant weather disruptions, including a five-day closure of the port of Port Hedland and operational constraints from Tropical Cyclone Zelia that drove a 7% quarter-on-quarter decline.
Shares of the world's fourth-largest iron-ore miner rose as much as 2.1% to a four-week high of A$15.8, outperforming a 0.3% rise in the broader mining sector.
Fortescue said it continues to review the timeline for its Iron Bridge operations to reach full production capacity of 22 million mt annually, with an assessment of key processing equipment expected to be completed by June.
For its green energy division, Fortescue is reassessing development timeframes for its Arizona Project in the US and its Queensland-based Gladstone PEM50 Project, with "greater clarity" on external factors affecting these projects expected by June.
The company maintained its fiscal 2025 iron-ore shipments guidance of 190-million to 200-million mt, including 5-million to 9-million mt for Iron Bridge on a 100% basis. Projected 2025 capital expenditure of $3.5-billion to $3.8-billion also remains unchanged.
Fortescue delivered its first T 264 Power System to mining equipment manufacturer Liebherr during the quarter. The system is designed to convert diesel mining trucks to zero-emission vehicles as part of the company's decarbonization efforts.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation