Author: Paul Ploumis04 Sep 2014 Last updated at 08:24:10 GMT
CANBERRA (Scarp Monster): The company has already broken all the records regarding processing and production, along with that Fortesque metal being the fourth largest iron ore producer, shipped about 15.6 million tones of iron ore last month.
Chief executive of Fortesque, Nev Power, stated that, the team effort of the company is the secret behind the success of the company. He also added that the team started the mining operation in the company, led it through world class rail line, had now brought it to the port where the company now exports tonnes and tonnes of iron ore.
In August, the company announced a net profit of 2.7 billion dollars, which is about a 56% rise in the whole year. Mr. Power at that time stated that the company was expecting the iron ore prices to stay as high as possible, which would eventually lead to the leak out of high cost production and would maintain the high Chinese demand.
But the opposite happened and the iron ore prices declined sharply in 2012, and the company, in order to avoid the cracking of its due pledge, had to collect 4.5 billion dollar funding lines.
Financial year 2015 is becoming more and more hopeful about the company and it anticipates a production of 155 to 160 billion tonnes of iron ore. The company is also following the procedure of cutting cost of production. The company has cut 23% of production cost, which is about 2 billion dollars.