Australian iron ore company Fortescue Metals Group tripled its iron ore shipments during the financial year (FY) 2015, it announced on 23 July.
This is despite the company criticising two other top Australian miners – BHP Billiton and Rio Tinto – for increasing output, thereby contributing to a world glut and falling prices.
BHP Billiton shipments increased 14%, while Rio Tinto’s increased 11% during the same period.
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In its June quarter report released on 23 July, Fortescue reported its shipments were 165.4 tonnes for the last financial year, 33% higher than a year ago.
Fortescue confirmed it would cap exports at the same levels for FY2016, while vowing to reduce costs to USD18 per wet tonne.
Total ore shipped for the last quarter of the financial year was 42.4 tonnes, up 10% on the corresponding period last year and up 5% on the previous quarter.
“Our efficiency and productivity improvements have embedded sustained cost reductions across the business, ensuring strong and consistent cash flows and the foundation for ongoing value generation,” Fortescue Metal CEO Nev Power said. The miner boasted USD1.6 billion in savings over the past two financial years, while forecasting a further USD1.4 billion in savings for FY2016.
Capital expenditure in the last financial year was USD 626 million, while net debt as of 30 June stood at USD7.2 billion.