Australian iron ore miner Fortescue Metals Group today released a production report showing iron ore shipments rose 4.7% in the second quarter from the first quarter, benefiting from a surge in Chinese demand. Shipments in the quarter were 46.4 million tons, unchanged from a year earlier. Its iron ore shipments totaled 180.3 million tonnes in 2020, up 4 per cent from 2019.
In terms of production, FMG processed 44.2 million tons of iron ore in the fourth quarter, down 4 per cent from a year earlier.
In terms of varieties: its flagship product mixed powder (FMG Blended Fines) shipped 18.3 million tons, accounting for 39% of the total shipping volume; special powder (Super Special Fines) shipped 14.2 million tons, accounting for 31% of the total shipping volume; Sipilbara powder (West Pilbara Fines) shipped 3.8 million tons, accounting for 8%; King Powder shipped 3.9 million tons, accounting for 8%; FMG block shipped 3.8 million tons, accounting for 8%.
The C1 cash cost of FMG in the fourth quarter was $12.81 per wet ton, up 1 per cent from the previous quarter and 2 per cent year-on-year.
The report indicates that the guidelines for FY21 remain unchanged (based on AUD:USD 0.70):
Iron ore shipments range from 1.75 to 180 million tons.
C1 cash cost remains at $13 / wet ton-$13.5 / wet ton.
Capital expenditure is between $3 billion and $3.4 billion.
