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Investing.com-- Fortescue (ASX:FMG) on Thursday posted a modest increase in its fiscal first-quarter iron ore shipments and clocked stronger average prices on its sales as overseas demand for the steelmaking ingredient remained strong.
Total ore shipped during the quarter rose 4% year-on-year to 49.7 million wet metric tonnes, Fortescue’s strongest ever first quarter.
Shipments were backed by strong production, with Fortescue’s Hematite operations mining 60.1 million wmt in Q1, up 5% from last year.
Fortescue said it clocked average revenue on Hematite sales of $88.86 per dry metric tonne, up from the $83/dmt seen last year. Unit production costs stood at $18.17 during the quarter, down 10% from a year ago.
The company said it had successfully syndicated and drawn down a renminbi-denominated term loan of 14.2 billion rmb ($2 billion) during the quarter. The loan was backed by several major Chinese, Australian, and other international lenders.
Fortescue, which is one of the world’s largest iron ore miners, maintained its fiscal 2026 guidance, with iron ore shipments expected between 195 to 205 million tonnes, while unit production costs will be between $17.50 and $18.50/wmt.