Fortescue Releases September Quarter Production Report

Fortescue Metals (ASX:FMG) has released its September 2018 quarterly production results, reporting iron ore shipments of 40.2 million tonnes and cash production costs of US$13.19 per wet metric tonne.

As highlighted in the press release:

• Total Recordable Injury Frequency Rate of 3.9
• US$13.19 wmt cost
• 40.2mt shipped with full year guidance maintained at 165 to 173mt
• Average realized price of US$45 per dry metric tonne, 12.5 per cent higher than the June 2018 quarter
• Delivery of the final vessel in Fortescue’s ore carrier fleet, FMG Northern Spirit
• A$500 million on-market share buy-back program announced

CEO of Fortescue, Elizabeth Gaines said:

“Following record shipments in the last quarter of FY18, we have re-built our iron ore inventories and prepared new areas for mining which increased total material moved by 11 per cent during the quarter positioning us to achieve FY19 targets.

The Eliwana mine and rail development project is progressing and our innovation projects across the Chichesters, including the Christmas Creek autonomous haulage (AHS) fleet conversion and the Cloudbreak relocatable conveyor continue to contribute to our productivity and efficiency improvements.

Fortescue’s disciplined capital management is a key focus, with our A$500 million share buy-back program announced during the quarter.”

Click here to read the full Fortescue Metals (ASX:FMG) press release.