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FMG Reports Record Shipments for FY20

Mining News - Published on Thu, 30 Jul 2020

Image Source: FMG
Fortescue Chief Executive Officer, Elizabeth Gaines, said “The entire Fortescue team has delivered strong results for the June quarter, achieving our lowest TRIFR safety performance of 2.4, as well as record quarterly shipments of 47.3mt. For FY20 we also delivered record annual shipments of 178.2mt, while maintaining our industry leading cost position of US$12.94/wmt. This was an outstanding performance which underpinned the operational excellence we delivered in FY20, particularly during a quarter when we implemented a range of measures in response to COVID-19. I am very proud of the team's commitment and cooperation during this time which has sustained our contribution to the Western Australian and national economies through the reliable and secure supply of iron ore to our customers. “Our guidance for FY21 builds on the momentum of a record FY20 as we optimise our integrated operations and marketing strategy, with shipments in the range of 175 - 180mt.”

Highlights

Record iron ore shipments of 47.3 million tonnes (mt) for the quarter and 178.2mt for FY20, exceeding the top end of guidance of 177mt and six per cent higher than FY19

C1 costs for Q4 FY20 were US$13.02/wet metric tonne (wmt). C1 costs for FY20 were US$12.94/wmt inclusive of COVID-19 related costs of approximately US$0.22/wmt

Average revenue of US$81/dry metric tonne (dmt) in Q4 FY20, realising 86 per cent of the average Platts 62% CFR Index, bringing average revenue to US$79/dmt in FY20

Total capital expenditure of US$2.0 billion in FY20 as investment in major projects achieved key milestones

FY21 guidance for shipments of 175 - 180mt and C1 costs of US$13.00 - US$13.50/wmt

Source :

Posted By : Yogender Pancholi on Thu, 30 Jul 2020
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