Australian miner Fortescue Metals Group (Fortescue) has announced that it continued its outstanding operational performance shipping 14.4 million mt of iron ore for October, equivalent to an annualized run rate of 172 million mt. The company said that the performance through to October 2014 represents a strong start towards its previously guided shipping target of 155-160 million mt for the financial year 2014-15.
Meanwhile, Fortescue continues to see strong demand for its ores, reflecting the value of its high quality, low impurity products. This is further evidenced by the successful execution of US$600 million of additional and rolled-over customer prepayments. The proceeds will increase current cash on hand to over US$2 billion.