Fortescue Ships a Record 28 Million Tonnes in Q4 2013

Fortescue Metals Group Ltd. (ASX:FMG) provided its results for the fourth quarter of 2013, commenting that it shipped a record 28 million tonnes during that time period. Meanwhile, its average realized CFR price rose to US$125 per dry tonne, “indicating the continued strength of iron ore markets.”

Other highlights include:

  • Total shipments for the half year were 53.9mt, a 51 per cent increase over the prior comparable period.
  • C1 costs of US$32.99 per wet metric tonne (wmt) reflect the focus on operating efficiencies, lower cost Solomon production
    and a lower Australian dollar.
  • First ore from Kings was delivered in November 2013 with operations scheduled to ramp-up to the targeted 155mtpa rate
    by the end of March 2014.
  • Debt reduction programmes commenced during the December 2013 quarter with the early voluntary redemption of
    A$140 million in preference shares and US$1.0 billion of Senior Unsecured Notes.
  • Cash balances were US$2.9 billion at the end of December 2013 due to the continued strength of operational cash flows,
    reduced capital outflows and customer prepayments of US$250 million.
  • In January 2014, a further US$1.6 billion repayment of Senior Unsecured Notes was announced and the Christmas Creek
    OPF finance leases were paid out.

Click here to read the full Fortescue Metals Group Ltd. (ASX:FMG) press release.