SEATTLE (Scrap Monster): The Forstescue Metals Group announced its June 2022 quarterly production report. The robust performance during the final quarter of the year led to record iron ore shipments in Fiscal Year 2022, exceeding full year production guidance. The company delivered excellent quarterly results as well.
Fortescue reported record iron ore shipments of 49.5 million tonnes (mt) for the quarter and 189.0mt for FY22. It clocked average revenue of US$108/dry metric tonne (dmt) for the quarter and US$100/dmt in FY22. The C1 cost stood at US$17.19/wet metric tonne (wmt) in Q4 FY22 and US$15.91/wmt in FY22.
The company reported cash on hand of US$5.2 billion and net debt of US$0.9 billion at 30 June 2022. This compares with net debt of US$2.4 billion at the end of the prior quarter. The total capital expenditure for FY22 was $3.1 billion. Also, the continued focus on safety resulted in 10% lower Total Recordable Injury Frequency Rate (TRIFR) of 1.8 in FY22, said the company press release.
Elizabeth Gaines, Chief Executive Officer, Fortescue noted that the outstanding operating performance was achieved in a challenging operating environment due to the impact of COVID-19. He congratulated the entire team for delivering exceptional results despite industry-wide and global headwinds.