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Fortescue increased its iron ore supplies in 2023/2024

Australian mining company Fortescue shipped 191.6 million tons of ore in 2023/2024, with increased iron ore supplies.

Fortescue increased its iron ore supplies in 2023/2024

Fortescue, an Australian mining company, shipped 191.6 million tons of ore in the 2023/2024 financial year, below the estimated range of 192 to 197 million tons.

In the fourth quarter, the company increased iron ore supplies by 24% q/q and 10% y/y, reaching a quarterly record of 53.7 million tons. Total ore production in FY2023/2024 was 216.9 million tons, down by 1% y/y.

For the 2024/2025 financial year, the company forecasts total ore shipments of 190-200 million tons, including 5-9 million tons from the Iron Bridge project.

Fortescue plans to increase spending on its energy division to promote green hydrogen projects, which may cause concern for analysts who expected the company's restructuring to reduce capital expenditures.

Experts note an increase in decarbonization costs to $700-900 million for the 2024/2025 fiscal year, with the miner aiming to achieve its carbon neutrality goals by 2030.

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