Summary
• Total Recordable Injury Frequency Rate (TRIFR) for Metals of 1.8 at 30 September 2023,
consistent with 30 June 2023.
• Iron ore shipments totalled 45.9 million tonnes (Mt) in Q1 FY24, three per cent lower than the
prior corresponding period and in line with Q1 FY22.
• Pilbara Hematite C1 cost of US$17.93/wet metric tonnes (wmt), one per cent higher than Q1 FY23.
• Pilbara Hematite average revenue of US$100/dry metric tonne (dmt) for the quarter, realising
87 per cent of the average Platts 62% CFR Index.
• Iron Bridge transitioned to operational production in August 2023 and achieved its first shipment
of high grade magnetite concentrate.
• Iron Bridge concentrate revenue of US$131/dmt was 104 per cent of the average Platts 65%
CFR Index of July 2023.
• Cash balance of US$3.1 billion and net debt of US$2.2 billion at 30 September 2023, after
payment of the final dividend of US$2.0 billion in the quarter.
• Celebrated the significant milestone of exporting two billion tonnes of iron ore from Fortescue’s
Pilbara Operations since it was established.
• Signed a memorandum of understanding with the Puutu Kunti Kurrama and Pinikura (PKKP)
Aboriginal Corporation to guide the development of a co-management model.
• Completed the acquisition of the Phoenix Hydrogen Hub in the United States, where phase one
proposes an 80MW electrolyser and liquefaction facility.
• Announced that from FY24 onwards, Fortescue will no longer buy voluntary offsets unless
required by law, with the funds reallocated to the Company’s decarbonisation plan.
• In October 2023, opened a new zero emission battery factory in Kidlington, United Kingdom.
• In October 2023, submitted Fortescue’s Climate Transition Plan to the UN Race to Zero.
• Guidance for FY24 total shipments, C1 cost and capital expenditure remains unchanged.
Fortescue Metals Chief Executive Officer, Dino Otranto, said “It’s been a solid quarter for the Metals
business with shipments of 45.9 million tonnes contributing to the significant milestone of two billion
tonnes shipped since we commenced operations.
“We started our business just 20 years ago, commenced full-scale operations 15 years ago and
reached one billion tonnes of iron ore shipped less than six years ago. This sort of growth is the
result of the commitment of the entire team and our unwavering focus on our Values.
FORTESCUE | SEPTEMBER 2023 QUARTERLY PRODUCTION REPORT Page 2 of 4
“During the quarter, Iron Bridge transitioned to operational production and we achieved the first
shipment of high grade magnetite product. Commissioning activities are progressing well as we
focus on a safe and efficient ramp up. Also supporting our growth strategy is the Belinga Iron Ore
Project in Gabon where exploration and studies activities continue to advance.”
Fortescue Energy Chief Executive Officer, Mark Hutchinson, said “We are on track with progressing
our green energy projects and executing our decarbonisation roadmap.
“Our battery electric haul truck prototype is being tested at our Chichester Hub and we have also
received the first T264 haul truck from Liebherr which signifies the start of the conversion of our fleet to zero emissions.
“The initial delivered units will be diesel powered with the remaining battery electric. The diesel powered trucks will be converted to our in-house battery solution developed by Fortescue WAE.
“Together with our strong balance sheet and focus on investing in growth, we are well placed to advance our transition to becoming the number 1 green technology, energy and metals company while ensuring we continue to deliver benefits to all our stakeholders.” see & read more on
https://cdn.fortescue.com/docs/default-source/announcements-and-reports/2630041.pdf?sfvrsn=2ce2c380_6