Australian iron ore miner Fortescue Metals Group has announced its operational results for the third quarter and the first nine months ended March 31 of the financial year 2022-23.
The company’s iron ore shipments in the third quarter fell by 0.4 percent on year-on-year basis and was down by 6.2 percent on quarter-on-quarter basis to 46.3 million mt.
According to Fortescue, during the March quarter it mined 50.3 million mt of iron ore, falling by 16.1 percent from the previous quarter and down by 2.5 percent from the same period of the previous financial year.
In the first nine months, the company’s iron ore shipments increased by three percent year on year to 143.1 million mt, a record for the first nine months of a year.
Fortescue’s iron ore shipment guidance for the financial year 2022-23 stands at 187-192 million mt.
In addition, the company started production at the Iron Bridge Magnetite Project on April 21. Iron Bridge will annually produce 22 million mt of high-grade 67 percent Fe magnetite concentrate.