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Australian iron ore miner Fortescue reported a 1.4% fall in shipments during the second quarter of FY 2023-24 (October-December 2023), due to ongoing maintenance activities at some of its key projects in Western Australia.
Fortescue, the world's fourth largest iron ore miner, shipped 48.7 million tonnes in the three months, compared with 49.4 million tonnes shipped a year earlier. But the shipments increased 6% from the previous quarter.
Half-year shipments reached 94.6 million tonnes, the second highest on record for the first six months of Fortescue's financial year.
Total iron ore production was 55 million tonnes in the December quarter, down 2% on the previous three months and 8% on the year-ago period. Processed ore output rose 1% quarter-on-quarter but fell 3% annually to 48.7 million tonnes.
A train derailment on a key railway sending iron ore out of Pilbara in December had a limited impact on iron ore shipments as operations resumed on January 3.
Fortescue shipped its first new-year cargo of 11,000 tonnes from the Belinga project in Gabon, marking the first export from a non-Australian port.
At Iron Bridge in the Pilbara region of Western Australia, commissioning activities progressed on schedule. The new mine shipped its second concentrate cargo in the December quarter and the third in January.
Fortescue kept its fiscal 2024 guidance unchanged at 192-197 million tonnes for total iron ore shipments, while trimming Iron Bridge's target to 20-40 million tonnes from 50 million tonnes previously on a 100% basis.
The company aims to eliminate fossil fuel use by 2030 and lead the resources industry's transition to green energy through projects like Iron Bridge and Belinga.
(Writing by Alex Guo Editing by Harry Huo)
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