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Fortescue Metal’s iron ore mining and shipments rise sharply in Q3 2014
Oct 17, 2014 10:46Source:SMM
41.5 million tonnes of iron ore were shipped from the company in the September quarter.
Author: Paul Ploumis16 Oct 2014 Last updated at 05:42:25 GMT
CANBERRA (Scrap Monster): 41.5 million tonnes of iron ore were shipped from the company in the September quarter, which is apparently a huge hike in the amount of iron ore being shipped compared to 25.9 million tones of iron ore which was shipped in the previous quarter. Moreover, that the company was successful in mining about 42.9 million tones of ore, which was a great improvement, when compared to the 34.9 million tones of iron ore which was mined in the previous quarter.
Even so the prices have also fallen down since the previous quarter, which is now, 30.08 dollars per wet tonne, which is a 3 percent decline compared to the previous quarter. According to the statement taken from the Fortescue metal, said that, the debt of the company still stands at 6.9 billion dollars, whereas the cash in hand for the company has hiked to 2.6 million dollars.
The company also stated that it maintains all kinds of shipping maintenance and production guidance for iron ore shipment when it falls between 150 million tonnes to 160 million tonnes. The comp0any states that, it could see that there will be long term demand for its products, as they produce low impurity and high quality products.
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