Australia's third-biggest iron ore producer Fortescue Metals Group Ltd (Fortescue) has announced its operation results for the first quarter of 2012.
Fortescue said in its statement that its total iron ore shipments during the March quarter increased by 44 percent year on year to 12.04 million mt. In the given quarter, Fortescue's total processed iron ore volume increased to 11.7 million mt, up by 32 percent compared to the same quarter of the previous year.
According to Fortescue's statement, production costs for the quarter increased to $52.56/mt from $46.43/mt in the previous quarter.
Fortescue stated that the shipment volumes stayed below original guidance due to the impact of two cyclones that both resulted in the closure of Port Hedland port and delayed ship loading for around eight days.