Fortescue Metals Group Provides Quarterly Production Report (December 2017)

Fortescue has released its December 2017 quarterly production results, reporting total shipments of 40.5 million tonnes of iron ore. Cash production costs  were lowered to a record US$12.08 per wet metric tonne.

Cash on hand at 31 December 2017 was US$0.9 billion following cash outflows in the quarter for the Solomon Power Station purchase, dividends and the final FY17 tax payment with gross debt decreasing to US$4.2 billion.

Fortescue Chief Executive Officer, Nev Power, said “Our team achieved another excellent result for the second quarter of FY18 supporting production at an annual rate of 170mt and a record C1 cost of US$12.08/wmt. Our productivity and efficiency initiatives have continued to reduce the cost base offsetting higher strip ratios, exchange rates and fuel prices. Our focus on improving safety continues, together with our clear market and product strategy to deliver value to our customers, generating strong cash margins and shareholder returns.”


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