Fortescue shipped 191.6 million tons of ore in FY2023/2024

Fortescue, an Australian mining company, shipped 191.6 million tons of ore in the 2023/2024 financial year (ended in June). This is stated in the company’s production report.

These volumes are in line with the previous fiscal year and below the estimated range of 192 to 197 million tons.

In the fourth quarter of fiscal year 2023/2024 (April-June), Fortescue increased iron ore supplies by 24% q/q and 10% y/y – to a quarterly record of 53.7 million tons.

Total ore production in FY2023/2024 amounted to 216.9 million tons, down 1% year-on-year. In April-June, this figure amounted to 59 million tons, up 27% quarter-on-quarter and 10% year-on-year.

For the 2024/2025 financial year, the company forecasts total ore shipments of 190-200 million tons, including 5-9 million tons from the Iron Bridge project.

As GMK Center reported earlier, Fortescue will increase spending on its energy division to promote several new green hydrogen projects. This decision worried analysts who expected the company’s restructuring to reduce capital expenditures.

In addition, experts noted an increase in decarbonization costs to $700-900 million for the 2024/2025 fiscal year from $300-500 million in the previous fiscal 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). The modern production complex with an area of 15 thousand square meters was built and fully commissioned in just over two years