Australia's Fortescue posted a 4.2 per cent rise in first-quarter iron-ore shipments on Thursday as the firm logged a record for first-quarter production on the back of higher hematite shipments.
Its hematite operations shipped 47.6 million tonnes (mt) during the quarter, 3.3 per cent higher than last year, boosting the firm's first-quarter shipments to 49.7 mt of iron ore — in line with Visible Alpha's consensus of 49.6 mt and above the 47.7 mt shipped a year ago.
Fortescue said it has drawn down the yuan-denominated loan worth 14.2 billion Chinese yuan ($1.99 billion) that it had secured in August to ramp up its decarbonisation plans.
At the time, the five-year syndicated term-loan facility with a 3.8 per cent per annum fixed interest rate was backed by leading Chinese, Australian and international lenders, including Bank of China and ICBC.
For the quarter, the world's fourth-largest iron miner's production costs stood at $18.17 per wet tonne, 9.9 per cent lower than last year.
Fortescue maintained its guidance for iron-ore shipments for fiscal 2026 between 195 and 205 mt.
(Reporting by Shivangi Lahiri and Sherin Sunny in Bengaluru; Editing by Alan Barona)
