Fortescue iron ore shipments hit all-time high

Fortescue Metals Group has reported record first quarter iron ore shipments of 45.6 million tonnes (Mt), a three per cent increase on the same period last year.

Ore processed and railed also achieved record first quarter volumes, reflecting strong operational performance across the supply chain and expanded system capacity following the ramp up of Eliwana.

Fortescue chief executive officer Elizabeth Gaines said the strong performance across the supply chain, together with the contribution of Eliwana, continues to drive record operational performance for the company.

“Across our operations, we achieved record first quarter shipments of 45.6 million tonnes and maintained our industry leading C1 cost of US$15.25 ($20) per wet metric tonne,” Gaines said in the company’s September 2021 production report.

“Our C1 cost was in line with the previous quarter, reflecting our strong focus on cost management to mitigate inflationary pressures.”

According to the report, iron ore exploration in the Pilbara region of Western Australia included target and resource definition drilling in the Western Hub, Solomon Hub and Eastern Hamersley, with study work progressing at Nyidinghu.

The Iron Bridge magnetite project will deliver 22Mt per annum of high grade 67 per cent Fe magnetite concentrate, with first production scheduled for December 2022.

Gaines said Fortescue is working with its customers, suppliers and industry to reduce emissions through its Fortescue Future Industries (FFI) commitments.

“Fortescue’s strategy to diversify continues to gain momentum with Fortescue Future Industries’ recent announcement to develop a renewable energy and green hydrogen manufacturing centre at Gladstone, Queensland, as well as agreements with Incitec Pivot and Plug Power,” Gaines said.

“We are committed to working with our customers, suppliers and other industry participants to facilitate the reduction of emissions, including technology development and the supply of green hydrogen and ammonia through FFI, with these initiatives enabling our commitment to achieve net zero Scope 3 emissions by 2040.”

During the quarter, Fortescue also announced the establishment of a co-management framework with members of Wintawari Guruma Aboriginal Corporation.

“We remain committed to working with our Native Title partners to deliver training, employment and business development opportunities, with Fortescue having now awarded over $3.5 billion of contracts to Aboriginal businesses and joint ventures through our Billion Opportunities program,” Gaines said.

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