FMG's iron ore production fell 10% QoQ in Q1 2025

Australian mining company Fortescue (FMG) released its operational report for Q1 2025 (Q3 of the 2025 Australian fiscal year), which showed the following:
Production: In Q1, FMG's iron ore production reached 55.5 million mt, down 10% QoQ and up 19% YoY. The total iron ore processing volume was 47.6 million mt, down 7% QoQ and up 12% YoY.
Shipments: In Q1, FMG's iron ore shipments reached 46.1 million mt, down 7% QoQ and up 6% YoY.
Financials: In Q1, FMG's C1 cash cost was $17.53/wmt (based on Pilbara hematite), down 4% QoQ and down 7% YoY.
Additionally, the shipment guidance for the 2025 fiscal year is 190-200 million mt, with a C1 cost target of $18.5-19.75/wmt (based on Pilbara hematite).