Australian iron ore miner Fortescue Metals Group has announced its operational results for the first quarter ended September 30 of the financial year 2023-2024.
The company’s iron ore shipments in the first quarter fell by six percent quarter on quarter and by three percent year on year to 45.9 million mt. Meanwhile, the company mined 56.2 million mt of iron ore in the given period, rising by four percent compared to the previous quarter and by three percent from the same quarter of the previous financial year.
As SteelOrbis reported previously, Fortescue had announced that it would no longer buy carbon offsets from the financial year 2023-2024 onwards and would reallocate these funds to its decarbonization plans instead.
Additionally, Fortescue’s iron ore shipment guidance for the financial year 2023-2024 stands at 192-197 million mt.