FSUMF - Fortescue posts flat Q3 exports but says on track for record breaking year

2023-04-23 22:10:29 ET

Fortescue Metals ( OTCQX:FSUMF ) reported FQ3 iron ore shipments came in flat compared to a year earlier , and said it expects full-year production costs at the lower end of company guidance.

The world's fourth largest iron ore producer said its Pilbara operations shipped 46.3M metric ton of iron ore in the quarter, down slightly from 46.5M tons a year ago, with costs up 12.4% to .73/ton, reflecting sharp cost inflation across the mining sector.

But a "strong performance means the C1 cost is expected to be at the lower end of the range" of guidance for $18.00-$18.75 per wet ton, the company said.

Fortescue ( OTCQX:FSUMF ) said it shipped 143.1M tons of iron ore in the first nine months of the financial year, putting it within easy reach of record annual shipments.

Fortescue ( OTCQX:FSUMF ) said its Iron Bridge mine produced its first concentrate on April 22, with the slurry pipeline expected to begin delivering concentrate to its port operations shortly.

The company also provided details of five prospective green hydrogen and ammonia projects it hopes to confirm this year, including a plant in Arizona or Texas to supply the U.S. "mobility sector."

Iron ore futures recently fell to their lowest levels since December .

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