Summary
• Total Recordable Injury Frequency Rate (TRIFR) for Metals of 1.8 at 31 December 2023,
consistent with 30 September 2023.
• Iron ore shipments of 48.7 million tonnes (Mt) in Q2 FY24 contributed to shipments of 94.6Mt
in H1 FY24, the second highest first half shipments in Fortescue’s history.
• Pilbara Hematite C1 cost of US$17.62/wet metric tonne (wmt), two per cent lower than Q1 FY24.
• Pilbara Hematite average revenue of US$116/dry metric tonne (dmt) for the quarter, realising
91 per cent of the average Platts 62% CFR Index.
• Iron Bridge Concentrate revenue of US$144/dmt was 104 per cent of the average Platts 65%
CFR Index for November 2023.
• Cash balance of US$4.7 billion and net debt of US$0.6 billion at 31 December 2023.
• Announced a Final Investment Decision on the Phoenix Hydrogen Hub, USA, the Gladstone
PEM50 Project in Queensland, Australia, and a Green Iron Trial Commercial Plant at
Fortescue’s Christmas Creek mine site, Western Australia.
• Launched Fortescue Capital, a green energy investment accelerator platform, headquartered
in New York City.
• Shipped the first product from the Belinga Iron Ore Project in Gabon, the first time the Company
has exported iron ore from a port outside of Australia.
• Deployed Australia's first operational electric excavator at Cloudbreak, a significant milestone
in the Company’s decarbonisation journey.
• Annual Modern Slavery Statement published, reaffirming Fortescue’s commitment to upholding
human rights and eliminating modern slavery.
• Guidance for FY24 total shipments is unchanged at 192 - 197Mt. This is inclusive of Iron Bridge
shipments of 2 - 4Mt (100 per cent basis, previously 5Mt).
• Iron Bridge FY24 shipments guidance has been revised due to performance of the Raw Water
Pipeline. Work is underway to resolve the performance issues.
• Guidance for FY24 Pilbara Hematite C1 cost and capital expenditure remains unchanged.
Fortescue Metals Chief Executive Officer, Dino Otranto said “We continue to deliver strong
operational performance while making tangible progress towards our ambitious decarbonisation
and green energy targets.
“It’s been another strong quarter with iron ore shipments of 48.7 million tonnes contributing to our
second highest first half year shipments of 94.6 million tonnes. We achieved this while continuing
to grow our green technology, energy and metals businesses, keeping costs low and maintaining
our safety performance.
FORTESCUE | DECEMBER 2023 QUARTERLY PRODUCTION REPORT Page 2 of 5
“Our decarbonisation plan is progressing well with the first of an initial three electric excavators
now operational in the Pilbara. Powered by a 6.6kV substation and more than two kilometres of
high voltage trailing cable, this electric excavator is the first of its kind in Australia for the mining
industry.
“Further supporting our commitment to eliminating emissions was the announcement of
construction of a Green Iron Trial Commercial Plant at our Christmas Creek mine site. This facility
will produce green iron using the existing green hydrogen already being produced at site, marking
a significant milestone in Fortescue’s green iron strategy.
“Demand for Fortescue’s suite of iron ore products remains strong and our entry into the highergrade segment of the market through Iron Bridge has been well received with our second magnetite
shipment during the quarter. This is further supported by the Belinga Project in Gabon where we
shipped our first product in December.
“Our energy business marked a significant milestone, with final investment decisions announced
for green hydrogen projects in Australia and the USA. This reflected our disciplined approach to
capital allocation and clear intention to learn prior to committing to large scale investments.”

Operations
Operations summary (see & read more on
https://cdn.fortescue.com/docs/default-source/announcements-and-reports/2672621.pdf?sfvrsn=eaf2f517_3

see also
December 2023 Quarterly Production Report
Investor and Analyst Call Transcript

see & read more on
https://cdn.fortescue.com/docs/default-source/announcements-and-reports/fmg_qtr_250124_transcript-fortescue.pdf?sfvrsn=42881688_4