Australian iron ore miner Fortescue Metals Group announced today, October 17, that its iron ore shipments in the third quarter of this year, totaling 25.9 million mt, indicate a year-on-year increase of 61 percent and a rise of four percent over the second quarter of this year. Fortescue has said that it is expecting its full year iron ore shipments to remain within previously announced guidance of between 127 million mt and 133 million mt.
According to Fortescue, iron ore prices strengthened during the third quarter of this year, resulting in an average realised cost and freight (CFR) price of $121/dmt, compared to $113/dmt in the prior quarter.
The Kings development at Solomon is nearing completion with first iron ore scheduled in December 2013, reads Fortecue's statement. Sustainable annual production at 155 million mt will be achieved by the end of the March 2014 quarter, the company said.