Fortescue increased iron ore shipments by 4% y/y in FY2024/2025

Australian mining company Fortescue increased ore shipments by 4% y/y to a record high of 198.4 million tons in the 2024/2025 financial year (ended in June), according to the company’s report.

In April-June (fourth quarter), this figure was 55.2 million tons (+3% year-on-year).

Total ore production for the fiscal year increased by 10% year-on-year – to 238.9 million tons.

The company forecasts iron ore supply of 195-205 million tons for the 2025/2026 financial year, including 10-12 million tons of magnetite concentrate from the Iron Bridge mine.

In the current financial year, Fortescue will focus on safely ramping up volumes at Iron Bridge, setting new production records, and accelerating decarbonization efforts, including the development of green iron.

The company noted support from both Australia and China for cooperation on the green iron and steel supply chain, which will stimulate investment, strengthen trade ties, and contribute to a large-scale reduction in emissions.

At the same time, Fortescue announced that it would abandon its $550 million hydrogen project in Arizona due to changing priorities in the US, and its $150 million PEM50 project in Gladstone (Australia), resulting in a pre-tax write-off of $150 million related to the costs of these initiatives.

Fortescue shipped 191.6 million tons of ore in the 2023/2024 fiscal year. These volumes are in line with the previous fiscal year’s figures and are below the target range of 192 to 197 million tons.