Wednesday, May 5, 2021


Home General News Fortescue third-quarter shipments flat as weather issues weigh

Fortescue third-quarter shipments flat as weather issues weigh

That has offset benefits for Australian miners from rising Chinese demand, as the world’s second-largest economy expands briskly after last year’s coronavirus-induced slump.

Fortescue said higher production from its recently commissioned Eliwana mine softened the impact of significant rainfall across its operations in Australia’s Pilbara region.

The world’s fourth-largest iron ore miner shipped 42.3 million tonnes (Mt) of the steelmaking ingredient in the three months to March 31, on par with a year earlier but beating an RBC estimate of 41.5 Mt.

It maintained its forecast for 2021 shipments between 178 Mt and 182 Mt, but raised its capital expenditure outlook to between $3.50 billion and $3.70 billion from a prior view of $3…

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