Fortescue Metals Group (ASX:FMG) - Departing CEO, Elizabeth Gaines
Departing CEO, Elizabeth Gaines
Source: Fortescue Metals Group
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  • Fortescue Metals (FMG) records its highest number of shipments for a half-year at 93.1 million tonnes, three per cent higher than the first half of FY21
  • Over the December quarter, the company shipped a total of 47.5 million tonnes
  • CEO Elizabeth Gaines labelled the record as an “outstanding result”
  • Looking ahead, Fortescue is estimating between 180 million and 185 million tonnes of iron ore shipments for FY22
  • On the market this afternoon, FMG was down 2.88 per cent and is trading at $19.93 per share

Fortescue Metals (FMG) has recorded its highest number of shipments for a half-year at 93.1 million tonnes, three per cent higher than the first half of FY21.

Over the latest quarter, the company shipped a total of 47.5 million tonnes.

The mining giant’s C1 cost was in line with the previous quarter at US$15.31 (A$21.41) per wet metric tonne. The C1 cost was 20 per cent higher than the previous corresponding period, reflecting the price escalation of key input costs.

Looking ahead, Fortescue is estimating between 180 million and 185 million tonnes of iron ore shipments for FY22.

During the period, CEO Elizabeth Gaines decided to step down from her role to become the company’s global green hydrogen brand ambassador. Ms Gaines will remain as a Non-Executive Director on the FMG Board.

At the end of the period, Fortescue had a cash balance of US$2.9 billion (A$4 billion).

“The Fortescue team has again delivered an outstanding performance for the first half of FY22 with mining, processing, rail and shipping combining to deliver record second quarter shipments,” Ms Gaines said.

“Our C1 cost was in line with the previous quarter, reflecting our strong focus on cost management to mitigate inflationary pressures associated with strong demand for labour and resources, as well as supply chain constraints due to COVID-19. We are proud of the entire Fortescue family who continue to deliver record operating performance and achieve key project milestones.”

FMG has successfully implemented the Western Australian Government’s mandatory
COVID-19 vaccination for fly-in fly-out and other resource sector workers and has measures in place to implement the recently announced booster mandate.

“We have a robust COVID-19 management plan in place to prioritise the health and safety of our team and the communities in which we operate,” Ms Gaines added.

“We continue to assess the implications of the uncertain timing of the reopening
of Western Australia’s border to ensure we have access to the skills and expertise needed to maintain.”

On the market this afternoon, FMG was down 2.88 per cent and is trading at $19.93 per share at 12:54 pm AEDT.

FMG by the numbers
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