Australian iron ore miner Fortescue Metals Group has announced its operational results for the third quarter ended March 31 of the financial year 2023-24.
The company’s iron ore shipments in the third quarter fell by 6.5 percent on year-on-year basis and were down by 11.1 percent on quarter-on-quarter basis to 43.3 million mt. The declines in shipments reflect the impact of the ore car derailment in December 2023 and weather disruptions. In March alone, Fortescue posted record monthly shipments of 18.7 million mt.
According to Fortescue, during the March quarter it mined 46.6 million mt of iron ore, falling by 15.2 percent from the previous quarter and down by 7.9 percent from the same period of the previous financial year.
Fortescue’s iron ore shipment guidance for the financial year 2023-24 stands at 192-197 million mt, including two million mt from Iron Bridge. Total shipments are expected to be in the lower end of the range.