Fortescue Metal (ASX: FMG) shipped 15% less iron ore in the March due to cyclones in Western Australia.
Total ore shipped for the quarter was 12.6 million tonnes, compared with 14.8 million tonnes in the December quarter, due to local flooding.
Two cyclones resulted in the closure of Port Hedland port and delayed ship loading for about eight days.
“It is expected that Fortescue will catch up on the delayed shipments through this current quarter,” Fortescue said.
Fortescue mined 13.6 million tonnes of iron ore in the three months to March 31 – down 15% on the December quarter.
Mining activities at Fortescue’s main Cloudbreak mine were hampered for about a fortnight by heavy rain from Cyclone Heidi.
The WA iron ore powerhouse is committed to an ongoing expansion of its mining operations, and has cash on hand of 3.2 billion after a successful capital-raising in the US in March.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.