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Fortescue Metals Group (ASX:FMG) - CEO, Elizabeth Gaines
CEO, Elizabeth Gaines
Source: Fortescue Metals Group
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  • Fortescue Metals Group (FMG) releases its latest quarterly report, reflecting on a turbulent period which saw one of its own workers die on site
  • An investigation continues into what happened to David Armstrong, who died at the mining giant’s Solomon Hub on September 30
  • CEO Elizabeth Gaines pays tribute to Mr Armstrong, while the ASX-20 lister also revealed it had recorded a record first quarter for ore shipments
  • Ore mined and processed dipped quarter on quarter and FMG ended Q1 FY22 with an unchanged guidance as well as US$4.1 billion (A$5.47 billion) in the bank
  • Fortescue shares are up 0.68 per cent at $14.10 per share

Fortescue Metals Group (FMG) has released its latest quarterly report, reflecting on a turbulent period which saw one of its own workers die on site.

An investigation is continuing into what happened to David Armstrong, who died at the mining giant’s Solomon Hub on September 30.

Fortescue CEO Elizabeth Gaines said the death was a tragedy and support was being offered to his family.

“The health and safety of the Fortescue family is our highest priority and we were devastated by the death of our team member, David Armstrong,” Ms Gaines said.

“A fatality is a reminder of why safety is our most important focus and we appreciated
the support shown across the mining industry.

“We are supporting David’s family and his team at Solomon at this very difficult time, and we are working with authorities to investigate the incident.”

The ASX 20 lister ended September with a record first quarter ore shipments of 45.6 million tonnes, with a C1 cost of US$15.25 (A$20.34) per wet metric tonne (wmt).

The amount of ore mined, 60.8 million wmt, and processed, 48.4 million wmt, from Fortescue’s operations, fell quarter on quarter, but lifted when compared to the same period last year.

The average revenue for the iron ore was US$118 (A$157.4) per dry metric tonne (dmt), while the business ended September with US$4.1 billion (A$5.47 billion) in the bank.

The company’s FY22 guidance remains unchanged, with the group targeting iron ore shipments of between 180 million tonnes (mt) and 185 mt.

Since the close of Q1, FMG has announced it’s planning to target net-zero scope three emissions by 2040 as it transitions from an iron ore producer to green renewables business.

“We are committed to working with our customers, suppliers and other industry participants to facilitate the reduction of emissions, including technology development and the supply of green hydrogen and ammonia through FFI, with these initiatives enabling our commitment to achieve net zero Scope Three emissions by 2040,” Ms Gaines said.

Fortescue shares were trading up 0.68 per cent at $14.10 per share just before midday on Thursday.

FMG by the numbers
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