By Rhiannon Hoyle
Fortescue Metals Group Ltd. said third-quarter iron-ore shipments were steady versus a year earlier, and that it expects fiscal-year output costs to be at the lower end of company guidance.
The world's fourth-largest iron ore producer reported shipments of 46.3 million metric tons for the three months through March. It recorded shipments of 46.5 million tons in the same period a year ago.
Fortescue reported a 12% year-on-year rise in so-called C1 costs, to US$17.73 a wet ton.
A "strong performance means the C1 cost is expected to be at the lower end of the range" of US$18.00 to US$18.75 a wet ton, Fortescue said.
The Australian miner said its average third-quarter revenue totaled US$108.57 a ton, equating to 87% of the average benchmark index for the period.
Fortescue also said it produced the first wet concentrate at the Iron Bridge magnetite project on Friday
"This is a significant milestone for Fortescue as Iron Bridge represents our entry into the highest grade segment of the iron-ore market, providing an enhanced product range while also increasing production and shipping capacity," said Fortescue Metals Chief Executive Fiona Hick.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
04-23-23 1923ET