Fortescue has released its June 2023 quarter report, achieving record shipments of 192 million tonnes for the 2023 financial year (FY23).
Strong cashflow generation contributed to a cash balance of $US4.3 billion ($6.4 billion) and net debt of $US1 billion ($1.5 billion) at June 30, compared to net debt of $US2.1 billion ($3 billion) at March 31.
Recently, the Iron Bridge commenced production of high grade magnetite concentrate and its first concentrate was loaded to ship earlier this week.
Safety was a priority for the major miner in the quarter, which paid off as it led to a total recordable injury frequency rate (TRIFR) of 1.8 in the 12 months of the 2023 financial year (FY23).
The quarter also saw the company celebrate its 20th anniversary in July, and it announced that Fortescue Metals and Fortescue Future Industries (FFI) would move to one brand simply titled ‘Fortescue’.
The name change aims to demonstrate the company being a unified global green metals and energy company. It will operate with two divisions: metals and energy.
Fortescue Metals chief executive officer Fiona Hick said that the Fortescue team has delivered outstanding results for the June quarter.
“Fortescue recently celebrated several milestones, including first magnetite concentrate production from Iron Bridge. Iron Bridge is a large and complex project, and its successful construction is a true demonstration of our values,” Hick said.
Hick said it signifies Fortescue’s entry into the high-grade iron ore market segment which enables the company to provide its customers with an enhanced product offering.
“Building on another year of record performance, our guidance for FY24 (the 2024 financial year) is for total shipments in the range of 192–197 million tonnes.
“Our hematite operations are performing strongly and we are focused on delivering growth through the safe and efficient ramp up of Iron Bridge, unlocking the potential of Belinga and decarbonising our iron ore operations.
“We will continue to invest in green metals, green energy and green technologies, supported by our strong balance sheet and disciplined capital allocation.”