Fortescue Metals Group continues to uplift its Australian iron ore operations after the company enjoyed record second quarter and first half ore shipments.
The company shipped 47.5 million tonnes of ore in the December quarter of 2021 (Q421), bringing shipments for the first half of the 2022 financial year to 93.1 million tonnes.
This was the highest second-quarter shipments Fortescue has ever achieved, and its highest shipments ever achieved over a half-year period.
Amid inflation, supply chain constraints and an undulating iron ore price, cost management continues to be a major priority for Fortescue. The company recorded a C1 cost of $US15.31 per wet metric tonne in Q421, in line with the three months before.
Fortescue chief executive officer Elizabeth Gaines said the miner’s green transformation continues to be primary objective.
“During the quarter, the momentum of Fortescue’s transition to a vertically integrated green energy and resources company continued to accelerate. Fortescue Future Industries is making significant progress and will be a key enabler of Fortescue’s delivery against our industry leading decarbonisation targets,” Gaines said.
“Our acquisition of Williams Advanced Engineering supports these targets and further underpins our leadership in green energy through the provision of critical technology and expertise in high-performance battery systems and electrification.
“We will utilise this capability in the decarbonisation of our own operations and in turn the global heavy industry sector, further demonstrating our commitment to green energy and the creation of a sustainable future.”
Earlier this week, Fortescue entered into an agreement to acquire 100 per cent of Williams Advanced Engineering (WAE) from private equity firm EMK Capital and Williams Grand Prix Engineering.
Worth $311 million, the deal will see Fortescue and WAE develop battery electric solutions for Fortescue’s rail, mobile haul fleet and other heavy mining equipment, which will assist the miner in its goal of achieving carbon neutrality across its operations by 2030.