Australian iron ore miner Fortescue Metals Group has announced that its iron ore shipments in the third quarter ending March 31 of the financial year 2014-15 totaled 40.4 million mt, increasing by 28 percent year on year and registering a decline of two percent from the previous quarter.
According to Fortescue, during the March quarter it mined 35.5 million mt of iron ore, 19 percent lower than the previous quarter and up 20 percent year on year. The company stated that it reduced mining activity during the quarter to draw down on excess mined iron ore stocks to reduce working capital levels and release cash from the balance sheet.
Fortescue's production and shipping guidance for the full financial year has increased from 160 million mt to 165 million mt, reflecting the strong operational performance for the year to date.