Fortescue achieved record shipments of 88.6mn mt during the first half of fiscal 2020 ended December 31, 2019.
Coming off a strong first half, the iron ore miner has projected shipments at the upper end of its 2020 guidance range of 170-175mt and costs in the range of $12.75-13.25/wmt.
The company’s shipments during the half-year were 7pc higher than H1 2019. It mined 105.2mn wmt during Hi 2020, up 4pc over the 101.1mn wmt during the same period in the previous fiscal. Additionally, 91.3mn wmt of ore was processed during H1 2020, a 7pc increase over the 85.3mn wmt processed during same prior year period.
The company reported a 73pc increase in its realized price for ore at $80.36mn in H1 2020 from $46.54mn during H1 2019.
The firm also set a half-year revenue record of $6.49bn—an 83pc increase over H1 2019 revenues of $3.54mn. Fortescue’s underlying EBITDA of $4.23bn in H1 2020 was 159pc higher than $1.63bn in H1 2019. Its reported net profit during H1 2020 was $2.45bn, up 281pc from $644mn during the same prior year period.
The company attributes its strong first half performance to enhanced price realization, robust operational performance, and successful productivity and efficiency initiatives across its business segments.