Fortescue posts record iron ore shipments

Company News

by Jessica Amir

Fortescue Meals (ASX:FMG) has advised its total ore shipped in the fourth quarter rose 4 per cent to a new record, despite ore being processed falling by the same amount.

FMG says it was a strong finish, allowing the miner to finish the year with its target of 170 million tonnes for the full year.

It comes as the mining heavy weight’s iron ore shipments hit 46.5 million tonnes in the quarter.

In the same period, its cash production costs came in at US$12.17 per wet metric tonne in the June 2018 quarter.

In the quarter it also reduced its debt by U$160 million, taking its gross debt to US$4 billion.

Shares in Fortescue Meals (ASX:FMG) are trading 2.08 per cent lower at $4.46.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.