Australian miner
Fortescue Metals Group (
Fortescue) has announced that it expects to produce 80-82 million mt of
iron ore in 2013 instead of an earlier guidance of 82-84 million mt, as unseasonal wet weather in recent weeks has hampered exports.
Fortescue said that it is now in a phase of significant cost reduction and continues to focus on operational efficiencies which will see it moving down the global cost curve, adding that the company continues to see strong demand for its products. According to
Fortescue, China's economic growth and long-term demand for
iron ore is unchanged.
Fortescue also stated that it has decided to delay the sale of its $4 billion infrastructure assets in the Pilbara region of Western
Australia. The transaction is expected to announced in September 2013.