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Fortescue’s sustainable September quarter

Fortescue decarbonisation

Fortescue has released its September 2023 quarter report, with its total shipments and cost guidance for the 2024 financial year remaining unchanged.

The major mined a total of 56.2 wet metric tonnes (wmt), a four per cent increase from the previous quarter.

A total of 48.0 wmt was processed, maintaining the same momentum from the June quarter and this time last financial year.

In terms of shipping, 45.9 million tonnes of iron ore were shipped, representing a three per cent decreased compared to the prior corresponding period.

Fortescue also celebrated exporting two billion tonnes of iron ore from its Pilbara operations since it was established.

“It’s been a solid quarter for the metals business with shipments of 45.9 million tonnes contributing to the significant milestone of two billion tonnes shipped since we commenced operations,” Fortescue Metals chief executive officer (CEO) Dino Otranto said.

“We started our business just 20 years ago, commenced full-scale operations 15 years ago and reached one billion tonnes of iron ore shipped less than six years ago. This sort of growth is the result of the commitment of the entire team and our unwavering focus on our values.”

In August, Iron Bridge progressed towards operational production and achieved its first shipment of high-grade magnetite concentrate.

“Commissioning activities are progressing well as we focus on a safe and efficient ramp up. Also supporting our growth strategy is the Belinga iron ore project in Gabon where exploration and studies activities continue to advance,” Otranto said.

Decarbonisation was a large focus for Fortescue during the September quarter.

Starting from the 2024 financial year, Fortescue will no longer purchase voluntary carbon offsets for Scope 1 and 2 emissions unless required by law, with the funds reallocated to the company’s decarbonisation plan.

It also opened a new zero emission battery factory in Kidlington in the United Kingdom in October. It is currently negotiating with the US for a hydrogen hub.

“We are on track with progressing our green energy projects and executing our decarbonisation road map… Together with our strong balance sheet and focus on investing in growth, we are well placed to advance our transition to becoming the number one green technology, energy and metals company while ensuring we continue to deliver benefits to all our stakeholders,” Fortescue Energy CEO Mark Hutchinson said.

Fortescue’s climate transition plan that was released earlier this week speaks to the company’s decarbonisation efforts.

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