Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the second quarter ended December 30 of the financial year 2019-20 rose by ten percent quarter on quarter and increased by nine percent year on year to 46.4 million mt, while it achieved record iron ore shipments in the first half of the financial year 2019-20 with 88.6 million mt. Higher steel production, low steel inventories and mill restocking supported iron ore demand in the second quarter.
According to Fortescue, in the second quarter it mined 54.6 million mt of iron ore, up eight percent from the previous quarter and rising by 11 percent compared to the same period of the previous year.
As regards its iron ore projects, Fortescue said that the Eliwana Mine and Rail Project worth $1.27 billion secured all the key approvals in January 2020 and is accelerating the site works, while it continues to engage in its Iron Bridge Magnetite Project with an investment of $2.6 billion to produce premium 67 percent concentrate product in the first half of 2022.
Based on the strong performance in the first half of the financial year 2019-20, the company’s iron ore shipments in the full year of 2019-20 are expected to be around 170-175 million mt, while its capital expenditure is forecast to reach $2.4 billion in the same period.