Fortescue increased iron ore shipments by 4% y/y in July-December 2022

In the first half of the 2022/2023 fiscal year, the company shipped 96.9 million tons of iron ore to customers

In July-December 2022 (the first half of the 2022/2023 financial year), the Australian mining company Fortescue Metals Group increased the shipment of iron ore to customers by 4% compared to the same period in 2021 – up to 96.9 million tons. It is stated in the company’s report.

In the second quarter of the 2022/2023 fiscal year, the company shipped 49.4 million tons of iron ore to consumers, which is 4% more compared to the previous quarter and the same period of the previous year. Thanks to the high performance in the second quarter, Fortescue managed to ship a record volume of products for the half-year.

In July-December 2022, iron ore production increased by 9% compared to the same period of the previous year. In the second quarter of the 2022/2023 financial year, Fortescue produced 60 million tons of iron ore, which is 9% more q/q and by 5% until the same period in 2021.

The estimated volume of shipments of Fortescue iron ore for the 2022/2023 financial year is 187-192 million tons.

As GMK Center reported earlier, Fortescue Metals signed an agreement with Japan’s Mitsubishi Corp. and the European steel producer Voestalpine regarding the creation of an industrial prototype of a plant for the production of direct reduction iron.

Bloomberg notes, that Fortescue Metals has signed several deals since 2021 as it seeks to transform itself into a green energy company amid growing calls for decarbonization. The mining giant plans to produce 15 million tons of green hydrogen per year by 2030 as part goal to become a major producer of clean energy.