Fortescue Metals Group (ASX:FMG) Rejoices Iron Ore Shipment Milestone

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Summary

  • Fortescue Metals has marked the total shipment of 1.5 billion tonnes of iron ore from its Pilbara operations.
  • The Company achieved the milestone in less than three years of marking the one billion iron ore shipment milestone.
  • Prime Minister Scott Morrison paid a visit to the Company’s Christmas Creek Operations.

Iron ore behemoth Fortescue Metals Group (ASX:FMG) has exported 1.5 billion tonnes of iron ore since its inception in 2003. This is a major milestone for the Company, as it comes in less than three years after FMG crossed the 1 billion export mark.

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Interesting read: FMG, BHP, and RIO Fly High on Soaring Iron Ore Prices

Australian Prime Minister Scott Morrison was also present at the Company’s Christmas Creek operations. His visit, hosted by FMG Founder and Chairman Dr Andrew Forrest AO, coincided with the celebrations.

Good Read: Why are Fortescue Shares on the Move Today?

The milestone represents Fortescue’s efficient and integrated operations with an effective marketing strategy. A stronger customer demand over the last two quarters has been driving the prices of the commodity.

The first-half revenue of the Company also jumped by 44% when compared with the same period of FY20. The Company has set FY21 iron ore shipment guidance in the range of 178 million tonnes to 182 million tonnes.

The first ship loaded with Fortescue’s Pilbara iron ore left the Port Hedland in 2008. Since then, a total of 46,680 trains have been unloaded at the port. Since 2008, 8,110 ships have been used to export iron ore from the Company’s Herb Elliott Port. 

Read here: Fortescue Metals (ASX:FMG) Vows To Go Carbon Neutral by 2030, 10 Years Ahead of Target

Share Price Movement

FMG closed the day’s trade at A$20.82 on 16 April 2021, down by 0.621% from its last closing price. The Company has a market cap of A$64.5 billion and an annual dividend yield of 11.78%.

Also read: Here’s How Fortescue Metals (ASX:FMG) Scored its Record Half-Year Performance

Some other iron ore companies to keep on the watchlist are BHP Group Limited (ASX:BHP), Rio Tinto Limited (ASX:RIO), Newcrest Mining Limited (ASX:NCM), BlueScope Steel Limited (ASX:BSL), and Mineral Resources Limited (ASX:MIN).


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