Forrest Exit Timely As Fortescue Hits Target

The Australian reports that although Fortescue (ASX:FMG) hit its production target for 2011, it has been dogged by high costs.

The market news is quoted as saying,

In its second-quarter production report, released yesterday, Fortescue said it had shipped 11.5 million tonnes of iron ore, up 38 per cent on a rain-affected first quarter and 6 per cent on a year earlier. In June, 4.7 million tonnes of iron ore was shipped, which makes for an annual rate of 56.4 million tonnes.

Fortescue said it would hit 55 million tonnes a year.

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