1Q iron ore shipments by Fortescue Metals Group rise 4% to 47.7 million tonnes, missing estimates and falling 12% from previous quarter.

Fortescue Metals Group (FMG) reported a 4% rise in first-quarter iron ore shipments, totaling 47.7 million tonnes, but this fell 12% from the previous quarter and missed estimates. Hematite costs increased to $20.16 per wet metric tonne, while revenue was $82.96 per dry metric tonne. The company's cash reserves dropped to $3.4 billion. FMG maintains its full-year shipment guidance of 190-200 million tonnes, despite rising costs and production challenges.

October 23, 2024
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