Fortescue reduced iron ore shipments by 2% y/y in the first half of FY2023/2024

In the second quarter, the company increased shipments of raw materials by 6% q/q

Australian mining company Fortescue Metals Group reduced iron ore supplies by 2% year-on-year – to 94.6 million tonnes in the first half of the 2023/2024 financial year (to December 31). The company said in a statement.

However, this result is the second highest six-month figure in Fortescue’s history.

During the second quarter (October-December) of the current fiscal year, the company shipped 48.7 million tons of iron ore, up 6% quarter-on-quarter but down 1.6% year-on-year.

The estimated iron ore supply for FY2023/2024 remains unchanged at 192-197 million tons, including 2-4 million tons from the Iron Bridge magnetite project.

«Demand for Fortescue’s iron ore products remains strong and our entry into the high-end market segment through Iron Bridge was well received with our second shipment of magnetite during the quarter,» said Fortescue Metals Chief Executive Officer Dino Otranto.

Iron ore production in the second quarter of FY2023/2024 amounted to 55 million tons, down 2.1% q/q and 8.3% y/y.

Last December, Fortescue, through its joint venture Ivindo Iron, shipped the first iron ore from the Belinga project in Gabon. Thus, the company exported raw materials from a port outside Australia for the first time.

As GMK Center reported, last year the company approved investments totaling about $750 million over the next three years in three green projects.