By Rhiannon Hoyle
Fortescue on Thursday reported a 2% rise in second-quarter iron ore shipments, propelling first-half exports to a record high, but said production costs at its Australian hematite mining operations also rose.
Fortescue, the world's fourth-biggest iron-ore producer, said it shipped 50.5 million metric tons of the steelmaking ingredient in the three months through December, up from 49.4 million tons a year earlier. Shipments were up 1% quarter over quarter.
The miner reported a so-called C1 cost for its hematite mines of $19.10 a wet ton. That was 5% higher than both the quarter immediately prior and the year-earlier period.
Fortescue said the increase in costs mostly reflects "the normalization of the favorable inventory movement in the prior quarter, together with higher diesel prices and AUD/USD exchange rate."
The miner reiterated annual guidance for shipments, costs and capital expenditure for the 12 months through June, 2026.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
01-21-26 1706ET
