Fortescue (ASX:FMG) projected to break annual record for exported iron ore

Company News

by Michael Luu

Mining giant Fortescue Metals Group (ASX:FMG) is projected to reset its record for the yearly volume of exported iron ore, capitalising on the industry’s momentum from the steel-making commodity’s record highs.

Fortescue Metals’ Western Australia mining projects generated a total of 42.3 million tones of market-ready product in the March quarter of FY21. This surpassed Macquarie’s prediction by 100,000 tonnes .

The data indicates a 2 per cent increase year-on-year for the total volume of exported iron ore in the first 3 quarters of FY21.

The previous financial year currently holds the annual export record of 178.2 million tonnes, and current trajectories are suggesting Forestcue Metals will exceed the amount. The iron ore player has upgraded its full-year outlook for iron ore exports to 178 million and 182 million tonnes

The main downside of the latest report is the increased expenses of developing projects expected to yield growth in the future, forcing the company to upgrade its capital spending forecasts.

Shares in Fortescue Metals (ASX:FMG) are trading 1.3 per cent lower at $22.59