Fortescue reaches record ore shipments

Cloudbreak iron ore operations. Image: Fortescue Metals Group

Fortescue Metals Group has welcomed a record number of ore shipments in its latest half yearly report.

The company shipped 88.6 million tonnes of ore during the December 2019 half year, which helped contribute to its $US2.5 billion ($3.7 billion) net profits after tax.

The shipment represents a 7 per cent increase on the previous period.

Fortescue stated its ore processing had also climbed by 7 per cent within that period, thanks to increased plant availability.

The company believes that its investment in processing facilities has led to this increase.

The amount of ore mined by Fortescue also increased by 4 per cent, with 105.2 million tonnes being extracted compared with 101.1 tonnes in the prior corresponding year.

Nine million tonnes of Fortescue’s West Pilbara Fines iron content product were sold in the half year.

China has remained Fortescue’s key market, but the company hopes to grow its economy to North and Southeast Asia, India and Europe in the future.

Fortescue’s operations in the Pilbara region have remained key to the company’s financial success, with several new development and exploration projects in the works.

The Eliwana mine and rail project is set to begin operations in December this year after receiving a special rail license in January.

Meanwhile, Fortescue’s Iron Bridge Magnetite project is scheduled to begin producing iron content concentrate in 2022, with preliminary siteworks under way.

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