Fortescue's March-Quarter Iron Ore Shipments, Costs Rise

By Rhiannon Hoyle

Fortescue reported a 5% rise in third-quarter iron ore shipments year over year, although production costs at its Australian hematite mining operations also rose.

Fortescue, the world's fourth-biggest iron-ore producer, on Friday said it shipped 48.4 million metric tons of the steelmaking ingredient in the three months through March, up from 46.1 million tons a year earlier.

Shipments were down 4% on the prior quarter, weighed by adverse weather conditions including two tropical cyclones.

Analysts expected quarterly shipments of roughly 48.7 million tons, according to a consensus estimate compiled by Visible Alpha.

The miner reported a so-called C1 cost for its hematite mines of $18.29 a wet ton. That was down 4% on the December quarter, but 4% higher than a year earlier.

Fortescue reiterated its annual guidance for total shipments, costs and capital expenditure for the 12 months through June. However, it lowered its shipment forecast from its Iron Bridge operations to 9 million-10 million tons, from 10 million-12 million previously.

The ASX-listed operator said it would spend $680 million on an off-grid renewable energy system and large-scale battery storage in the iron ore-rich Pilbara region of Western Australia state.

Fortescue said the project, which it expects to be complete by 2028, is in addition to its existing $6.2 billion decarbonization plan.

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

(END) Dow Jones Newswires

April 23, 2026 19:14 ET (23:14 GMT)