Australian iron ore giant Fortescue reports lower shipments in Sept qtr, reaffirms guidance

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Australian iron ore giant Fortescue reports lower shipments in Sept qtr, reaffirms guidance
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A roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.

- Australian iron ore miner Fortescue yesterday reported shipments of 45.9 million tonnes in the September 2023 quarter, 3% lower than the prior corresponding period with increased maintenance activity and lower stocks at port.

Fortescue added that Pilbara hematite C1 cost of US$17.93/wmt was 2% higher than the previous quarter and 1% higher than the September 2022 quarter, with a continued focus on productivity and efficiency. Fortescue also reported that Iron Bridge transitioned to operational production in August 2023 and achieved its first shipment of high grade magnetite concentrate.

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