Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the first quarter ended September 30 of the financial year 2022-23 rose by four percent on year-on-year basis to 47.5 million mt, registering a record for a first quarter. Meanwhile, the iron ore shipments decreased by four percent compared to the previous quarter.
According to Fortescue, during the September quarter it mined 54.8 million mt of iron ore, falling by seven percent from the previous quarter and down by 10 percent from the same period of the previous financial year.
Meanwhile, in the given period, Fortescue’s production costs increased by three percent quarter on quarter and 16 percent year on year, rising to US$17.69/wet metric ton. The increase reflects the price escalation of key input costs, including diesel and labor rates, partly offset by a lower Australian dollar-US dollar exchange rate.
Fortescue said that the Iron Bridge Magnetite Project will deliver 22 million mt per year of high grade 67 percent Fe magnetite concentrate, with first production scheduled for the March 2023 quarter.
Fortescue’s iron ore shipment guidance for the financial year 2022-23 stands at 187-192 million mt, including approximately 1 million mt from Iron Bridge.