Fortescue has banked record iron ore shipments for both the June quarter and 2024–25 financial year (FY25), crediting the milestones to its “relentless focus” on safety, efficiency and operational excellence.
Fortescue shipped 55.2 million tonnes (Mt) of iron ore during the June quarter, bringing the company’s total shipments for FY25 to a record 198.4Mt.
The company also mined 64.3Mt and processed 54.4Mt, a 16 per cent and 14 per cent increase from the previous quarter.
“Fortescue’s performance this year has been exceptional,” Fortescue Metals and Operations chief executive officer (CEO) Dino Otranto said.
“We met all aspects of our market guidance and cemented our position as the industry’s lowest cost producer, with our annual (hematite) C1 cost declining for the first time since FY20.”
Fortescue continued the staged ramp up of the Iron Bridge operation in Western Australia, with the asset expected to hit its nameplate capacity in FY28.
“As we look to FY26, we’re focused on building on this momentum – safely ramping up Iron Bridge, breaking new production records and accelerating our decarbonisation efforts, including the advancement of green iron,” Otranto said.
On July 1, Agustin Pichot became the Fortescue Growth and Energy CEO after being with the company since 2018.
While Fortescue will not proceed with developing the Arizona hydrogen project in the US and the PEM50 green hydrogen facility in Gladstone, Queensland, the company is committed to advancing its green technology product portfolio to support decarbonisation across its operations.
A recent example is the transmission line between the Solomon and Eliwana iron ore mines in WA being completed and the first electric drill rig being deployed to site.
“Fortescue’s operational excellence is driven by our push to decarbonise, innovate and evolve,” Pichot said.
“Over the past year we have refined and reconsidered our global project pipeline with a sharpened focus on commercial outcomes. That’s meant making some tough decisions.
“We remain committed to disciplined growth, underpinned by targeted research and development that unlocks innovative solutions to drive down costs and deliver our green metals and green energy goals.”
Fortescue closed the quarter with $US4.3 billion ($6.5 billion) in cash and $US5.4 ($8.1 billion) in gross debt.