Australia: Fortescue clocks record iron ore shipments in Q2CY'21, lifts guidance

Australia's leading miner, Fortescue Metals Group (FMG), released its operational results for Jun'21 quarter today, 29 Jul'21. Iron ore shipments in Q2CY'21 were recorded at 49.3 million tonnes (mn t), as against 42.3 mn t in Q1CY'21, the highest quarterly shipments so far. The shipments rose by 4% y-o-y as compared to 47.3 mn t in Q2CY'20.

According to the Fortescue Metals' CEO, Elizabeth Gaines, the company has delivered an outstanding performance in the second quarter despite the impact of wet weather and Covid-19 restrictions.

FMG iron ore production up in Q2CY'21:

Total mined ore for the second quarter (Q2CY'21) moved up to 64.9 mn t, up 21% q-o-q as compared to 53.6 mn t in Q1 CY'21. On a yearly basis too, the output increased by 13%.

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 lifted: Iron ore shipment guidance stands at 180-185 mn t for FY'22 (Jul'21-Jun'22). The miner has increased the guidance against its last announcement of 178-182 mn t.
  
  
• Cost guidance for FY'22: It has been set at $15-15.5/wmt.