Australia-based miner Fortescue Metals Group Ltd (Fortescue) has informed shareholders and market commentators about the company's progress, providing them with updates regarding production and expansion programs.
According to the company statement, production for the September quarter has been strong and shipped volumes will be over 12 million mt, marking the highest quarterly level of shipments achieved by Fortescue.
Fortescue stated that there are no cancellations or delays regarding shipment. The average selling price for the period will be approximately A$160/mt subject to final adjustments for the end of September shipments.
Fortescue also noted that it continues to benefit from strong operating cash flow generation and cash on hand of approximately US$2 billion. The expansion program is progressing on time and budget