Normal
FMG released its Quarterly report last week. Looked goodRecord first quarter shipments in strong start to FY25Summary• Group Total Recordable Injury Frequency Rate (TRIFR) of 1.2 at 30 September 2024, 29 per cent lower than 1.7 at 30 September 2023.• Total iron ore shipments of 47.7 million tonnes (Mt) in Q1 FY25, four per cent higher than Q1 FY24 and a record for a first quarter; this included 1.6Mt from Iron Bridge.• Hematite C1 cost of US$20.16/wet metric tonne (wmt) was up 12 per cent on Q1 FY24, impacted by a higher strip ratio in the quarter and inflationary pressures.• Hematite average revenue of US$83/dry metric tonne (dmt) for the quarter, realising 83 per cent of the average Platts 62% CFR Index.•Iron Bridge Concentrate revenue of US$111/dmt was 97 per cent of the average Platts 65% CFR Index.•Cash of US$3.4 billion and net debt of US$2.1 billion at 30 September 2024 after payment of the FY24 final dividend of US$1.9 billion and capital expenditure of US$0.8 billion in the quarter.•Signed a US$2.8 billion partnership with Liebherr to jointly develop and validate a range of zero emission mining solutions, this includes the supply of battery power systems by Fortescue Zero.•Works commenced on the Green Metal Project at Christmas Creek.•Celebrated significant milestone of the Billion Opportunities program awarding more than A$5 billion in contracts and sub-contracts to First Nations businesses, since inception.•Released an externally verified Climate Transition Plan to reach Real Zero by 2030.•Fortescue’s Board has elected Dr Larry Marshall as the new Lead Independent Director, effective from the Company’s 2024 Annual General Meeting.•Guidance for FY25 shipments, C1 cost and capital expenditure remains unchanged. [ATTACH=full]187041[/ATTACH] September 2024 Quarterly Production Report (PDF 285.0 KB)
FMG released its Quarterly report last week. Looked good
Record first quarter shipments in strong start to FY25
Summary
• Group Total Recordable Injury Frequency Rate (TRIFR) of 1.2 at 30 September 2024, 29 per cent lower than 1.7 at 30 September 2023.
• Total iron ore shipments of 47.7 million tonnes (Mt) in Q1 FY25, four per cent higher than Q1 FY24 and a record for a first quarter; this included 1.6Mt from Iron Bridge.
• Hematite C1 cost of US$20.16/wet metric tonne (wmt) was up 12 per cent on Q1 FY24, impacted by a higher strip ratio in the quarter and inflationary pressures.
• Hematite average revenue of US$83/dry metric tonne (dmt) for the quarter, realising 83 per cent of the average Platts 62% CFR Index.
•Iron Bridge Concentrate revenue of US$111/dmt was 97 per cent of the average Platts 65% CFR Index.
•Cash of US$3.4 billion and net debt of US$2.1 billion at 30 September 2024 after payment of the FY24 final dividend of US$1.9 billion and capital expenditure of US$0.8 billion in the quarter.
•Signed a US$2.8 billion partnership with Liebherr to jointly develop and validate a range of zero emission mining solutions, this includes the supply of battery power systems by Fortescue Zero.
•Works commenced on the Green Metal Project at Christmas Creek.
•Celebrated significant milestone of the Billion Opportunities program awarding more than A$5 billion in contracts and sub-contracts to First Nations businesses, since inception.
•Released an externally verified Climate Transition Plan to reach Real Zero by 2030.
•Fortescue’s Board has elected Dr Larry Marshall as the new Lead Independent Director, effective from the Company’s 2024 Annual General Meeting.
•Guidance for FY25 shipments, C1 cost and capital expenditure remains unchanged.
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