Fortescue increased iron ore shipments by 6.5% y/y in January-March

Australian mining company Fortescue increased its total iron ore shipments by 6.5% year-on-year to 46.1 million tons in January-March 2025 (third quarter of fiscal year 2024/2025) despite the weather conditions. This is stated in the company’s report.

In the first nine months of the current fiscal year, shipments amounted to 143.2 million tons (+4% year-on-year).

Total ore production in January-March amounted to 55.5 million tons (+19% y/y).

According to Dino Otranto, CEO of Fortescue Metals, the company remains on track to meet its full-year forecast thanks to record shipments achieved in the first nine months of the year.

“During the quarter, we also completed the acquisition of Red Hawk Mining, which supports our strategy of continuously optimizing our Pilbara iron ore operations while providing flexibility to refine our future production plan,” he said.

In its quarterly report for January-March, Fortescue left its ore shipments forecast for FY2024/2025 unchanged at 190-200 million tons, including 5-9 million tons of magnetite concentrate from the Iron Bridge mine. The company is revising the schedule for Iron Bridge to reach its nominal capacity (22 million tons per year). This assessment is expected to be completed by the end of June.

As GMK Center reported earlier, Fortescue shipped 191.6 million tons of ore in the 2023/2024 financial year (ended in June 2024). These volumes are in line with the previous fiscal year and below the estimated range of 192 to 197 million tons.