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Highlights
- Fortescue shares have gained more than 11% in the past one year.
- However, the stock has declined over 21% on a YTD basis.
- Fortescue had recently reported a 4.2% rise in first-quarter iron ore shipments.
Shares of Fortescue Metals Group Ltd (ASX:FMG) have gained in the past one year, buoyed by increased iron ore demand. The Australian iron ore miner reported a boost in its iron ore shipments in the first quarter of FY23.
In addition, Fortescue has also kept its full-year guidance unchanged. The company anticipates to ship between 187mt-192mt of iron ore in 2023.
How have FMG shares performed in the recent past?
Fortescue shares were pegged at AU$15.525 apiece, up 0.161% at 1:48 PM AEDT today. The shares have fallen by almost 5% in the last five trading days and have gone down 8.33% in the last one month. While FMG has lost 28.31% in the last six months, it has gained 11.25% in the last one year on the ASX. Looking at the broader picture, FMG shares have gained 223.33% in the last five years on ASX.
To the contrary, in the last five years, FMG peers RIO and BHP have just managed to gain 26.02% and 41.40%, respectively, on the ASX.
Why has Fortescue been in news lately?
- On 27 October 2022, the mining giant shared its quarterly production report for September 2022.
- As per the report, Fortescue shipped 47.5 million tonnes (mt) of iron ore in FY23 first quarter. This is 4% higher than the last corresponding period.
- The average revenue reported was US$87 per dry metric tonne (dmt) for the quarter.
- FMG marked a cash of US$3.3 billion (net debt of US$2.8 billion) as on 30 September 2022.
- Fortescue paid a final dividend of US$2.4 billion in FY22, and the capital expenditure amounted was US$653 million in the quarter.
- Backed by good production, Fortescue has not changed its guidance for FY23 shipments. It still aims to ship around 187mt-192mt of iron ore in 2023.
- As per FMG, the Iron Bridge Magnetite Project will deliver 22mt per annum of high-quality 67% Fe magnetite concentrate. First production from this project is expected in March 2023 quarter.
- The company has been a part of some known international explorations that include drilling programmes in Argentina and Kazakhstan, Belinga Project in Gabon along with similar activities in Peru, Chile, and Brazil.
