Fortescue posts 4% rise in first-quarter iron ore shipments

Reuters | October 23, 2024 | 3:30 pm Top Companies Australia Iron Ore 
Fortescue Metals goes ahead with $2.6B expansion of Iron Bridge magnetite project
Ore processing facility at Iron Bridge. (Image courtesy of Fortescue Metals Group.)

Australia’s Fortescue reported a 4% rise in its first quarter shipments on Thursday, boosted by strong performance at its Iron Bridge project.

The world’s fourth-largest iron ore miner shipped 47.7 million tonnes (Mt) of iron ore for the quarter ended Sept. 30, compared with 45.9 Mt shipped a year ago, exceeding a Visible Alpha consensus of 47.4 Mt.

In comparison, the company shipped 53.7 Mt in the previous quarter ending June 30.

The Perth-based miner also reaffirmed its iron ore shipments guidance for fiscal 2025.

(By Echha Jain and Shivangi Lahiri; Editing by Tasim Zahid)

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