Australian iron ore miner Fortescue Metals Group has announced its operational results for the first quarter ended September 30 of the financial year 2026-27.
In the given quarter, the company's iron ore shipments fell by 11 percent quarter on quarter and by six percent year on year to 46.8 million mt, including 2.5 million mt from Iron Bridge, while it mined 62.7 million mt of iron ore, dropping by three percent quarter on quarter and rising by four percent year on year. The company completed major planned maintenance during the quarter, including shutdown activities at its port operations and the replacement of critical infrastructure.
Fortescue's iron ore sales amounted to 42.9 million mt in the given quarter, 3.9 million mt below shipments, reflecting the impact of ongoing negotiations with China Mineral Resources Group (CMRG). The company expects product inventory to increase by a further 4-5 million mt in October 2026 and warned that operations, potentially including production levels, may be affected if negotiations with CMRG are not concluded by the end of this year.
Meanwhile, Fortescue increased the mineral resource estimate for its Blacksmith iron ore project by 153 percent to 615 million mt and reported its maiden ore reserve of 196 million mt at an average iron grade of 58 percent. The company also produced its first hot metal at the Green Metal Project at Christmas Creek, marking the first successful operation of its electric smelting process.
Fortescue's iron ore shipment guidance for the financial year 2026-27 stands at 197-207 million mt, including 11-14 million mt from Iron Bridge. The guidance remains subject to the outcome of negotiations with CMRG.
