Australian mining firm Fortescue reports a 18% increase in FY24 NPAT to $5.664bn due to higher iron ore prices and cost control.

Australian mining giant Fortescue reports a 18% increase in FY24 net profit after tax (NPAT) to US$5.664bn, boosted by higher iron ore prices and cost control. Underlying earnings per share rose 3% to US$1.85. Despite a 4% rise in hematite C1 costs to US$18.24 per wet metric tonne, Fortescue's FY24 costs remain industry-leading. The company forecasts iron ore shipments of 190-200mmt for FY25, hematite C1 costs of US$18.50-$19.75/wmt, and capex of US$3.2-3.8bn for Fortescue Metals, and US$500m for Fortescue Energy.

August 28, 2024
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