Australia’s Fortescue reports record quarterly shipments

Australia’s Fortescue reports record quarterly shipments

Summary : The logo of Fortescue Metals Group adorns their headquarters in Perth, Australia, November 11, 2015. REUTERS/David Gray

July 27 (Reuters) – Australia’s Fortescue Metals Group (FMG.AX) reported a record rise in fourth-quarter iron ore shipments on Thursday, helped by a ramp up at its Eliwana project, even as it continued to face higher costs and a shortage of mine workers.

The world’s fourth-largest iron ore miner said it shipped 49.5 million tonnes (Mt) of the steel-making ingredient in the quarter ended June 30, compared with 49.3 Mt a year ago and a UBS estimate of 49 Mt.

Reporting by Tejaswi Marthi and Harshita Swaminathan in Bengaluru; Editing by Krishna Chandra Eluri



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