[Fellow]C1 costs of US$12.78 per wmt, five per cent lower than the March quarter (US$13.51/wmt).
[Ferro-Alloys.com] Fortescue has released its June 2019 quarterly production results, reporting record quarterly shipments of 46.6 million tonnes (mt) including 4.7mt of West Pilbara Fines and FY19 shipments of 167.7mt, one per cent lower than FY18 due to the impact of Cyclone Veronica.
C1 costs of US$12.78 per wmt, five per cent lower than the March quarter (US$13.51/wmt).
Average revenue received increased by 30 per cent to US$92 per dry metric tonne (dmt) compared to the March quarter of US$71/dmt
Official opening of the Judith Street Harbour in Port Hedland marking the completion of Fortescue’s towage infrastructure and fully integrated supply chain.
Approval of the US$287 million investment in the Queens Valley mining area development at the Solomon Hub.
Eliwana Mine and Rail and Iron Bridge Magnetite projects progressing on schedule and budget.
Fortescue Chief Executive Officer, Elizabeth Gaines, said “The Fortescue team has achieved exceptional results across safety, production, costs and delivery of our product strategy in the June quarter. Most pleasingly we have seen our TRIFR reduce to its lowest annual level of 2.8, a 24 per cent reduction compared to the prior year reflecting our sustained focus on safety.”
“We have delivered record quarterly shipments of 46.6mt while reducing C1 costs by over five per cent to US$12.78/wmt reinforcing our position as the lowest cost producer. In addition, with healthy iron ore inventory levels across the supply chain we are well positioned to continue delivery of our highly valued product mix to customers in FY20.”
“Strong demand for our 60.1% iron content product West Pilbara Fines continues, and we remain focussed on our integrated operations and marketing strategy to optimise product mix to meet the needs of our customers.”
“Fortescue’s growth and development projects at Eliwana and Iron Bridge remain on schedule and budget. In addition, our ongoing investment in autonomy, relocatable conveyors and other initiatives such as the Queens Valley development will continue to deliver enhanced returns to shareholders.”
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