Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the fourth quarter ended June 30 of the financial year 2014-15 totaled 42.4 million mt, increasing by 10 percent year on year and registering an increase of five percent from the previous quarter. Shipments in financial year 2014-15 totaled 165.4 million mt, increasing by 33 percent compared to the previous financial year.
According to Fortescue, during the June quarter it mined 42.1 million mt of iron ore, 19 percent more than the previous quarter and down four percent year on year. The company stated that iron ore inventories have now been drawn down to efficient and sustainable levels with mining and processing outputs broadly matched to ensure inventory levels remain balanced to support shipments.
Fortescue reaffirms its financial year 2015-16 shipping guidance at 165 million mt in accordance with the performance in June this year and sustainable long-term cost saving initiatives.