Australia: FMG iron ore shipments down 8% in Q3, guidance intact

Australia's leading miner, Fortescue Metals Group (FMG), released its operational results for Sept'21 quarter today, 28 Oct'21. Iron ore shipments in Q3CY'21 were recorded at 45.6 million tonnes (mn t), moved down by 8% as against 49.3 mn t in Q1CY'21.

However, on a yearly basis, the shipments rose by 3% as compared to 44.3 mn t in Q3CY'20.

FMG iron ore production down in Q3CY'21:

Total mined ore for the third quarter (Q3CY'21) decreased up to 60.8 mn t, down 6% q-o-q as compared to 64.9 mn t in Q2CY'21. However, the output increased by 4% y-o-y as compared to 58.4 mn t in the CPLY.

Fortescue Metals Group (FMG) Production Summary

Volume references are based on wet metric tonnes (wmt).
Product is shipped with approximately nine per cent moisture.

Guidance

• Iron ore shipment guidance intact: Iron ore shipment guidance remains unchanged at 180-185 mn t for FY'22 (Jul'21-Jun'22).
  
  
• Cost guidance for FY'22: It has been set at $15-15.5/wmt in line with the previous quarter, reflecting strong focus on cost management to mitigate inflationary pressures.