Key facts
- Iron ore shipments fell 6% year-on-year to 46.8 million tonnes in the September quarter.
- Shipments missed the consensus estimate of 47.5 million tonnes.
- Net debt rose to US$2.8 billion, with cash at US$3.2 billion.
- Ongoing contract negotiations with China Mineral Resources Group impacted sales volumes.
Fortescue, Australia's third-largest miner, reported a 6% decline in first-quarter iron ore shipments to 46.8 million metric tons, missing analyst estimates. The company attributed the drop to scheduled maintenance, including port shutdowns, and ongoing contract negotiations with China Mineral Resources Group. Fortescue's cash balance fell 37% in the September quarter, while net debt climbed to US$2.8 billion. The company maintained its full-year 2027 guidance for shipments, C1 unit cost, and capital expenditure, subject to reaching an agreement with the Chinese buyer.