Fortescue Metals Group Ltd (ASX:FMG) Port Hedland shipments continue

Company News

by Rachael Jones

Fortescue Metals Group Ltd (ASX:FMG) shipments continue from Port Hedland as scheduled with mining, processing and shipping activity remaining in line with our guidance for FY20.

Shipments are towards the upper end of our guided range of 170 – 175 mt.

Chief executive Elizabeth Gaines says “Fortescue’s balance sheet is strong with debt facilities structured on low cost, investment grade terms and conditions”.

As at 31 December 2019, Fortescue had US$4.3 billion of liquidity available including US$3.3 billion of cash on hand and US$1 billion available from the revolving credit facility.

International and Australian exploration activities have been suspended in line with local restrictions, the Eliwana Mine and Rail and Iron Bridge Magnetite major growth projects are progressing.

Shares in Fortescue Metals Group Ltd (ASX:FMG) are trading 1.7 per cent lower at $9.44