Fortescue reiterates guidance after record Q1 iron ore shipments
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The news: Mining giant Fortescue has reiterated its full-year guidance after reporting record first-quarter iron ore shipments.
The numbers: Fortescue recorded total iron ore shipments of 49.7 million tonnes for the quarter, up 4% year on year. Total ore mined was up 5% year on year to 60.1 million tonnes.
Hematite C1 unit costs came in at USD18.17 per wet metric tonne, down 10% compared to the prior corresponding period.
The context: Fortescue CEO Dino Otranto said the company hit a number of critical milestones during the quarter, including the successful syndication of a Renminbi-denominated term loan and the establishment of new global partnerships.
The miner has also started to implement its revised Hematite life of mine plan, Otranto noted, which will optimise material movement and orebody use, aiming to retain the company's position as a low-cost, capital-efficient operator.
The source: ASX
