ironore major FortescueNews's earnings have fallen in the last six months as costs rise mining labour Australia resources
PERTH – Iron-ore major Fortescue Metals on Wednesday reported a 4% fall in revenue for the half-year ended December, despite iron-ore shipments in the first half of the year reaching a record 96.9-million tonnes, a 4% increase on the previous corresponding period.
Iron Bridge is set to produce its first product at the end of the March quarter, and the project’s capital cost remains set at $3.9-billion, of which Fortescue’s share amounts to $3-billion. At the end of December, the company had spent some $2.7-billion on the project. “To do this we are implementing a production plan now, that subject to our endemic fauna studies, will see first iron-ore shipped this year. This is possible because we are using an existing road and rail infrastructure which limits the possibility of environmental delays. This necessary equipment, which normally has very long lead times, is available to Fortescue now, utilising residual crushing and screening plant, haul trucks, rail cars and our own locomotives,” Forrest told shareholders.
“At Fortescue Future Industries we are set to mark a milestone with the construction and handover of the Gladstone Electrolyser Manufacturing Centre at the end of March. As stated, we are on track to progress five green energy projects to final investment decision this calendar year in Australia, Brazil, USA and Norway.
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