SEATTLE (Scrap Monster): Western Australia-based Fortescue Metals declared quarterly production report. Based on the strong year-to-date performance, the company upgraded its shipment guidance for the full year 2020.
The company press release said that third quarter iron ore shipments hit a record of 42.3 million tonnes. This is significantly higher by 10% when compared with the corresponding quarter a year before. The year-to-date shipments totalled 130.9 million tonnes. The company reported cash on hand of $4.2 billion and net cash of $0.1 billion as at the end of the quarter ending on 31st March, 2020. The gross debt remained at $4.2 billion. The total capital expenditure during the quarter was $414 million.
Fortescue upgraded its 2020 iron ore shipment guidance to 175-177 million tonnes, as compared with the earlier guidance of 170-175 million tonnes. Also, it has revised the total capital expenditure from $2.4 billion to $2.0-$2.2 billion.
Elizabeth Gaines, Chief Executive Officer, Fortescue noted that the health and safety of its employees, families and communities has been the company’s top priority. The 2% reduction in C1 costs has helped the company to maintain its industry leading cost position. The strong balance sheet position promises to generate sustained cash flows and jobs and deliver returns to its shareholders, he added.
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