Fortescue Metals Chief Executive Officer, Dino Otranto said, “It’s been an outstanding quarter by the team who rallied together to deliver record iron ore shipments of 53.7Mt which was 10 per cent higher than the June quarter last year. This record result demonstrated the efficiencies gained through our recovery plan following the ore car derailment in December 2023.
“Importantly, we achieved this while maintaining our laser focus on safety with our Total Recordable Injury Frequency Rate improving to 1.3 for the financial year. This is an incredible achievement and shows a 28 per cent improvement from the previous year.
“On decarbonisation, we remain firmly committed to our target of Real Zero by 2030, without voluntary carbon offsets. During the quarter we commenced commissioning of our 100 megawatt solar farm at North Star Junction which will eliminate up to 180,000 tonnes of carbon dioxide equivalent from our operations every year once fully commissioned. Our hydrogen-powered haul truck prototype also operated on hydrogen for the first time and will soon be transported to our Christmas Creek site to undergo site-based commissioning and testing.
“Looking ahead to FY25, we’re seeking to achieve record shipments with guidance of 190 - 200Mt. As part of bringing together Metals and Energy into One Fortescue, we are simplifying our structure and removing duplication that will ensure Fortescue is lean, impactful and can move quickly to seize opportunities.”
Fortescue Energy Chief Executive Officer, Mark Hutchinson said, “As we lead the world in industrial decarbonisation, we remain steadfast in our commitment to green hydrogen. Our financial discipline will ensure that we focus hard only on those projects that are economic and deliver best value for shareholders.
“We continue to progress our initial four green hydrogen projects across Australia, the United States, Norway and Brazil, which each draw on the unique strengths of the countries they are in. Projects in Morocco, Oman, Egypt and Jordan will follow next, while we maintain a further pipeline of opportunities that will progress when power prices fall sufficiently to bring them to economic viability and global demand for green hydrogen increases.
“During the quarter, the Energy business achieved several milestones including the Pecem Green Hydrogen Project in Brazil receiving approval by the Fortescue Board to advance to feasibility stage. We also entered into a consortium with Actis where we were awarded the rights to develop and operate a large green hydrogen project in Oman.
“Our Fortescue Zero green technologies also went from strength to strength as we signed our first contracts to sell electrolysers from our Gladstone facility and finalised a multi-year deal with JLR to use Fortescue’s cutting-edge battery intelligence software, Elysia, in its next-generation electric vehicles.”
Operations summary (M wmt) | FY24 | FY23 | Var (%) | Q4 FY24 | Vs Q3 FY24 (%) | Vs Q4 FY23 (%) |
---|---|---|---|---|---|---|
Total ore mined | 216.9 | 219.3 | (1) | 59.0 | 27 | 10 |
Total ore processed | 189.9 | 192.4 | (1) | 50.8 | 20 | 5 |
Total ore shipped | 191.6 | 192.0 | (0) | 53.7 | 24 | 10 |
Total ore shipped (Fortescue share) | 191.2 | 192.0 | (0) | 53.5 | 24 | 9 |
Pilbara Hematite C1 cost (US$/wmt) | 18.24 | 17.54 | 4 | 18.53 | (2) | 5 |
Volumes on a 100 per cent basis, unless stated otherwise. Wet metric tonnes (wmt).
Pilbara Hematite (M wmt) | FY24 | FY23 | Var (%) | Q4 FY24 | Vs Q3 FY24 (%) | Vs Q4 FY23 (%) |
---|---|---|---|---|---|---|
Ore mined | 203.9 | 217.9 | (6) | 54.7 | 24 | 4 |
Overburden removed | 324.3 | 322.7 | 1 | 80.2 | 14 | (2) |
Ore processed | 187.8 | 192.4 | (2) | 49.5 | 18 | 3 |
Iron Bridge (M wmt) | FY24 | FY23 | Var (%) | Q4 FY24 | Vs Q3 FY24 (%) | Vs Q4 FY23 (%) |
---|---|---|---|---|---|---|
Ore mined | 13.0 | 1.4 | 829 | 4.3 | 65 | 291 |
Overburden removed | 16.7 | 4.8 | 248 | 4.4 | 38 | (17) |
Ore processed | 2.1 | - | - | 1.3 | 225 | - |
Product summary (M wmt) | FY24 | (%) | FY23 | (%) | Q4 FY24 | (%) |
---|---|---|---|---|---|---|
Iron Bridge Concentrate | 1.2 | 1 | - | - | 0.6 | 1 |
West Pilbara Fines | 12.9 | 7 | 16.4 | 9 | 1.2 | 2 |
Kings Fines | 14.5 | 8 | 15.4 | 8 | 3.3 | 6 |
Fortescue Blend | 78.9 | 41 | 81.8 | 43 | 20.7 | 38 |
Fortescue Lump | 6.0 | 3 | 7.2 | 4 | - | - |
Super Special Fines | 78.1 | 41 | 69.3 | 36 | 28.0 | 52 |
Other products | - | - | 2.0 | 1 | - | - |
Total shipments | 191.6 | 100 | 192.0 | 100 | 53.7 | 100 |
- Fortescue share | 191.2 | - | 192.0 | - | 53.5 | - |
Timing differences may occur between shipments and sales as FMG Trading Shanghai Co. Ltd holds inventory at Chinese ports.
Guidance for C1 cost is based on an assumed FY25 average exchange rate of AUD:USD 0.68.