FMG basks in September

IN A quarter in which its Iron Bridge mine transitioned to operational production, Fortescue Metals Group also celebrated the export of 2 billion tonnes of iron ore from its Pilbara operations.
FMG basks in September FMG basks in September FMG basks in September FMG basks in September FMG basks in September

Iron Bridge in WA's Pilbara

Total ore mined in the September financial year 2024 quarter was 56.2 million tonnes, 3% more than the prior corresponding period. From that, total ore processed was 48Mt.

Of that, 54Mt was Pilbara hematite ore which includes West Pilbara fines, Kings fines, Fortescue blend and lump and Super Special fines, while 2.2Mt came from Iron Bridge.

Just 40,000t of that was processed due to issues with the Iron Bridge's raw water pipeline and plant rectification works, which impacted availability during the quarter.

Iron ore shipments of 45.9Mt were down by 3% compared to the prior corresponding period, with FMG attributing that to increased maintenance activity and lower stocks at port.

Pilbara hematite capital costs for the quarter were US$17.93 ($28.57) per wet metric tonne, for average returns of $159.34 per dry metric tonne.

The first shipment of high-grade magnetite concentrate from Iron Bridge also set sail in the quarter.

The 40,000t load fetched $208.73/dmt.

In a statement to the Australian Securities Exchange FMG said Iron Bridge's FY24 operating expenditure, excluding shipping and royalties, was expected to be about $637.34 million.

FMG chief executive officer Dino Otranto said it was a solid quarter for the metals business.

"We started our business just 20 years ago, started full-scale operations 15 years ago and reached 1 billion tonnes of iron ore shipped less than six years ago," he said.

"This sort of growth is the result of the commitment of the entire team and our unwavering focus on our values."

Otranto said commissioning activities were progressing well at Iron Bridge with a focus on a safe and efficient ramp-up.