Australia's third-biggest iron ore producer Fortescue Metals Group Ltd (Fortescue) has announced its operation results for the fourth quarter of 2011.
Fortescue said in its statement that its total iron ore shipments during the December quarter increased by 45 percent year on year to 14.42 million mt. In the given quarter, Fortescue's total processed iron ore volume increased to 13.7 million mt, up by 44 percent compared to the same quarter of the previous year.
According to Fortescue's statement, production costs for the quarter decreased to $46.43/mt from $49.78 in the previous three months.
In a separate press release, Fortescue announced that resources at its North Star magnetite deposit increased by 72 percent to 2.12 billion mt at a Fe grade of 31.6 percent. Fortescue also stated that it is considering a joint venture on the project.