Fortescue Achieved Record Q1 Iron Ore Shipments in FY26

SEATTLE (Scrap Monster): Fortescue Metals delivered a strong start to FY26, reporting record first-quarter iron ore shipments of 49.7 million metric tonnes (Mt), a 4% increase from 47.7 Mt in Q1 FY25, according to a company release.

Total ore mined rose 4% year-on-year to 60.1 Mt, while ore processed increased 6% to 50.8 Mt, driven primarily by higher hematite shipments, which totaled 47.6 Mt, up 3.3% from last year. The miner’s production costs fell 9.9% to $18.17 per wet metric ton, reflecting improved operational efficiency.

Fortescue’s cash balance reached US$4.6 billion as of September 30, 2025, up from US$4.3 billion at the end of Q2 FY26. CEO Dino Otranto noted that the quarter included major milestones, such as the successful syndication of a Renminbi-denominated term loan and the establishment of new global partnerships to support decarbonization efforts.

The company maintained its FY26 shipment guidance at 195–205 Mt, signaling confidence in ongoing demand and operational execution.

Key Highlights:

• Record Q1 shipments of 49.7 Mt, up 4% year-on-year

• Ore mined increased to 60.1 Mt; ore processed 50.8 Mt

• Hematite operations drove growth with 47.6 Mt shipped

• Production costs declined nearly 10% to $18.17 per wet metric ton

• Cash balance reached US$4.6 billion

• Maintains FY26 shipment guidance: 195–205 Mt

Fortescue’s strong first-quarter performance underscores its operational efficiency, financial resilience, and commitment to sustainable mining practices, setting a positive tone for the fiscal year.

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