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Highlights
- Fortescue Metals Ltd shares were trading in green today (27 October), up 1.053% at AU$16.300 (11:17 AM AEDT).
- The Australian mining giant reported record first-quarter iron ore shipments of 47.5 million tonnes.
- Fortescue’s total recordable injury frequency rate is now 1.7, heading towards its zero-harm goal.
Australian iron ore company Fortescue Metals Ltd (ASX:FMG) published its September 2022 quarterly production report on the ASX today (27 October 2022). According to the report, Fortescue saw record first-quarter iron ore shipments of 47.5 million tonnes in Q1 FY23, which is 4% higher than the previous corresponding period.
Following the news, the company’s shares went up and were trading 1.053% higher at AU$16.300 apiece as of 11:17 AM AEDT.
Meanwhile, the broader market index ASX 300 Metals and Mining also had a good start this morning and it was up 2.49% at 5342.5 points at 11:17 AM AEDT.
Highlights of FMG’s quarterly report
- Australia’s leading iron ore producer achieved its lowest total recordable injury frequency rate (TRIFR) of 1.7, which is in line with the company’s goal of reaching the zero-harm milestone.
- The reported TRIFR is 15% lower compared with previous year’s TRIFR.
- During the quarter, the company focused on updating its industry-leading decarbonisation roadmap with a contribution of US$6.2 billion in capital investment.
- By 2030, Fortescue expects to eliminate the risks associated with fossil fuels, while saving around US$818 million per year and US$3 billion overall.
Image Source: ASX announcement dated 27 October 2022
- The company emphasised reducing cost pressures across the industry, including fuel expenses.
- Fortescue’s green leg, Fortescue Future Industries (FFI), together with Tree Energy Solutions (TES), is speeding up the development of its green hydrogen and green energy import facility in Germany this quarter.
- FFI also announced plans to build a US technology hub in Jefferson County, Colorado, which will see the involvement of experts and researchers from the Colorado School of Mines and other Colorado institutions as well as the US Department of Energy’s National Renewable Energy Laboratory.
- In Q1 FY23, FMG Trading Shanghai Co. Ltd's China portside sales climbed to 5.3 mt from 3.7 mt in the prior quarter.
- Talking about this production report, Dr Andrew Forrest AO, Executive Chairman, Fortescue, said:
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 27 October
A glance at Fortescue’s financial position
- The company’s cash balance decreased to US$3.3 billion from US$5.2 billion recorded on 30 June 2022.
- At the end of September 2022, net debt was US$2.8 billion (up from US$0.9 billion at the end of June 2022), while gross debt remained at US$6.1 billion.
