Fortescue eyes cost cuts for full year
PERTH (miningweekly.com) – Iron-ore giant Fortescue Metals would now turn its focus to capital management after completing its $9.2-billion production expansion to 155-million tonnes a year.
The miner reported this week that production costs during the June quarter had reached $34.01/t, which was 2% lower than the previous quarter and lower than forecast.
The improved cash costs were due to the lower strip ratios at the Solomon and Chichester Hubs, in the Pilbara, as well as from operational improvements at the company’s ore processing facilities.
Fortescue was hoping to bring down cash costs to between $31/t and $32/t during the full financial year, as the company worked to move down the global cost curve.
Fortescue has previously reported shipments of 13.3-million tonnes during the month of June, taking its quarterly shipments to 38.7-million tonnes, or an annualised rate of 155-million tonnes.
Some 124.2-million tonnes of iron-ore product was shipped during the financial year ended June, at an average realised price of $106/t to generate revenues of $11.4-billion.
During the quarter ended June, Fortescue mined 43.8-million tonnes of ore, which was 48% higher than the previous quarter. The increase in production was largely ascribed to an increased performance in operating efficiencies as well as the continuity of work achieved through the dry season.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
