Fortescue recorded a 10% increase in third-quarter iron ore production.
Fortescue Metals ASX: (FMG) has increased its guidance for 2020 iron ore shipments to 175-177 million tonnes, based on its strong operating performance to date.
The company reported third-quarter iron ore shipments of 42.3 million tons, 10% higher than the 38.3 million tons a year earlier. Shipments from the beginning of the year to date are 130.9 million tons.
"Fortescue is a supplier of iron ore to China and is seeing strong demand for our products, and we expect a steady recovery in economic activity in this market." Fortescue CEO Elizabeth Gaines made a statement.
"While the global economic outlook remains uncertain, our balance sheet has never been stronger, and we continue to generate continuous cash flow and business, invest in growth and focus on delivering returns to our shareholders," he said.
The $2.6 billion Iron Bridge Magnetite project in Western Australia's Pilbara region is moving forward on schedule and budget with its first concentrate production planned for the first half of 2022.
The Eliwana mine and rail project in Western Australia reached significant milestones in the quarter, including the completion of earthworks in phase one of the railway in preparation for the first track laying.
Fortescue's shares increased nearly 2% on ASX late Thursday. The company's market capitalization is $36.8 billion.
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