Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the quarter ended December 31 totaled 42.1 million mt, increasing by 2.43 percent year on year and registering a rise of one percent from the previous quarter.
According to Fortescue, during the December quarter it mined 44.8 million mt of iron ore, down one percent from the previous quarter and up three percent year on year.
Fortescue has reaffirmed its financial year 2015-16 shipping guidance at 165 million mt. The company stated that cost performance is well ahead of guidance and production costs were lowered for the eighth consecutive quarter. This continues to generate positive operating cash flow which has allowed net debt to be reduced to $6.1 billion.