On July 15, Australia's third-biggest iron ore producer Fortescue Metals Group Ltd (Fortescue) announced its report for the fourth quarter ending on June 30.
Fortescue said in its statement that its total iron ore shipments during the June quarter increased by six percent to 11.5 million mt compared to the same quarter of the previous year, due to the commissioning of a new plant at Christmas Creek. In June alone, Fortescue shipped 4.7 million mt. In the quarter ended June 30, total processed iron ore volumes increased to 12.4 million mt, up by nine percent compared to the previous year.
According to the company statement, Fortescue has achieved an annual output rate of 55 million mt at its Chichester hub and it plans to triple this amount to 155 million mt per year.
Production costs for the quarter increased to $53.23/mt from $44.96/mt in the previous three months because of more earthmoving activities and expenses linked to the commissioning of the Christmas Creek operation.
Fortescue forecasts that its shipments in the September quarter will range from 12 million mt to 12.5 million mt.