Iron ore shipments drop 8.6pc as Fortescue Metals Group starts $500m buyback

Original article by Rushil Dutta
The West Australian – Page: Online : 26-Oct-18

Pure-play iron ore miner Fortescue Metals Group still expects its 2018-19 production to be within the range of 165 million to 173 million tonnes. This is despite its shipments for the first quarter falling by 8.6 per cent year-on-year to 40.2 million tonnes. Fortescue has also advised that its cash production costs rose by nine per cent in the September quarter, to an average of $US13.19 per wet metric tonne. Costs for the full year are expected to be within its previous guidance of $US12 to $US13 per wet metric tonne.


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