Fortescue 1Q Iron Ore Shipments Rise On-Year; Plans New Low-Grade Product

By Rhiannon Hoyle

Fortescue reported a 4% rise in first-quarter iron ore shipments and said it has revised plans for its Australian hematite mining operations that includes a new, low-grade product and is aimed at keeping a lid on costs.

Fortescue, the world's fourth-biggest iron-ore producer, said it shipped 49.7 million metric tons of the steelmaking ingredient in the three months through September. That compared to 47.7 million tons in the same period a year earlier, and is a record for a first fiscal quarter, the company said.

Exports were down on the quarter immediately prior, when Fortescue shipped 55.2 million tons of iron ore.

The miner reported a so-called C1 cost for its hematite mines of $18.17 a wet ton. That was down 10% on a year ago, but 12% higher than the quarter immediately prior.

Fortescue said it has revised its hematite life-of-mine plan to include the recently acquired Blacksmith project and significantly reduce how much material it has to move at its mining operations.

The revised plan "is anticipated to deliver significant value through optimised material movement and orebody use, resulting in maintaining lower C1 unit costs and enhanced capital efficiency," the miner said.

As part of the plan, Fortescue will phase out its West Pilbara Fines, with a 60% iron content, and introduce a new 55% iron product from fiscal 2027, it said. It expects that product will account for between 5% and 6% of total hematite shipments.

"Fortescue's next major hub development will support the resumption of supplying higher Fe grade Hematite product options," the company said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

October 22, 2025 18:07 ET (22:07 GMT)