Australian iron ore giant Fortescue logs fourth consecutive year of record shipments

- Australian iron ore miner Fortescue yesterday reported record shipments of 192 million tonnes in its fiscal 2023 , achieving the top end of market guidance, and 2% higher than shipments in FY22.

Fortescue added that its C1 production costs were US$17.54/wet metric tonne in FY23, 10% higher than the previous year and within the annual guidance range. Fortescue also reported that Iron Bridge commenced production of high grade magnetite concentrate during the quarter and the first concentrate was loaded on ship on 24 July 2023.

The company noted continued progress on decarbonization with the first battery electric haul truck prototype delivered to the Christmas Creek site for testing in the Pilbara operating conditions.

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