According to the results of July-September 2024 (the first quarter of the 2024/2025 financial year), the Australian mining company Fortescue increased its shipment of iron ore by 4% compared to the same period in 2023 – up to 47.7 million tons. This is reported by Mining.com.
Iron ore customer deliveries increased during the period due to ramping up development of the Iron Bridge project in the Pilbara region (Western Australia), which is expected to reach full capacity in a year’s time. At the same time, the company noted an increase in production costs with a simultaneous drop in raw material prices.
Compared to the previous quarter, the volume of shipments of military equipment decreased by 11.2%.
For the 2024/2025 financial year, the company forecasts the total volume of ore shipments at the level of 190-200 million tons, including 5-9 million tons from the Iron Bridge project.
As GMK Center reported, according to the results of the 2023/2024 financial year (ended in June), it shipped 191.6 million tons of ore. These volumes correspond to the indicators of the previous financial year and are smaller than the estimated range from 192 to 197 million tons. The total volume of ore production in the 2023/2024 financial year was 216.9 million tons, which is 1% less year-on-year.
Notably, Fortescue plans to increase spending on its energy division to advance several new green hydrogen projects. The decision worried analysts who had expected the company’s restructuring to reduce capital spending.
In addition, experts noted an increase in decarbonization costs to $700-900 million for the 2024/2025 financial year from $300-500 million in the previous financial year. The miner aims to achieve its carbon neutrality goals by 2030.
In April 2024, Fortescue announced the opening of a plant for the production of electrolyzers in Gladstone (Queensland, Australia). A modern production complex with an area of 15,000 square meters was built and fully commissioned in just over two years
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