FMG -3.41%: the iron ore miner was out with 4Q production numbers today which were broadly in line. They shipped 48.9mt in the quarter, down marginally on last year however Fortescue hit the upper end of guidance in this respect for the full year with 192mt of iron ore shipped. First production out of their high-grade magnetite Iron Bridge project this week with the asset expected to contribute 7mt in FY24 before ramping up to 22mt/pa within 2 years. Total production for the year ahead was guided to 192-197mt, a small drop if you strip out Iron Bride’s contribution, while costs are expected to climb from $US17.50/wmt to $US18-19/wmt. No doubt a strong result operationally however costs and capex guidance put some pressure on shares today.
MM is neutral FMG
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