Fortescue iron ore COO Dino Otrano told delegates at the Global Iron Ore and Steel Forecast conference in Perth that global market conditions remain supportive for iron ore, with the prospect of increased activity in China in the coming months and the prospect of limited global iron ore. The growth in ore supply, in addition to being subject to Covid-19 restrictions, is also causing disruptions in the supply chain as a result of the recent conflict in Ukraine.
The company reported record six-month shipments of 93.1 million tons in February and generated $8.1 billion in revenue.
"We have made a strong start to the second half and are well positioned to meet our guidance for iron ore shipments all year round, with capital expenditure in the range of 180 million to 185 million tonnes, excluding Fortescue Future Industries."
He noted that the company is closely monitoring its costs due to the recent significant increase in fuel prices, and Fortescue continues to focus on maintaining its industry-leading cost position.
"We are making a significant investment in iron ore growth, as well as energy infrastructure and new technologies, to support the decarbonisation of our iron ore operations. As we transition to a vertically integrated green energy and resources company, we are taking a keen look at the future by pursuing exciting new opportunities in the renewable energy and green industries."
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