Summary
• Group Total Recordable Injury Frequency Rate (TRIFR) of 1.2 at 30 September 2024, 29 per
cent lower than 1.7 at 30 September 2023.
• Total iron ore shipments of 47.7 million tonnes (Mt) in Q1 FY25, four per cent higher than Q1
FY24 and a record for a first quarter; this included 1.6Mt from Iron Bridge.
• Hematite C1 cost of US$20.16/wet metric tonne (wmt) was up 12 per cent on Q1 FY24, impacted
by a higher strip ratio in the quarter and inflationary pressures.
• Hematite average revenue of US$83/dry metric tonne (dmt) for the quarter, realising 83 per
cent of the average Platts 62% CFR Index.
• Iron Bridge Concentrate revenue of US$111/dmt was 97 per cent of the average Platts 65%
CFR Index.
• Cash of US$3.4 billion and net debt of US$2.1 billion at 30 September 2024 after payment of
the FY24 final dividend of US$1.9 billion and capital expenditure of US$0.8 billion in the quarter.
• Signed a US$2.8 billion partnership with Liebherr to jointly develop and validate a range of zero
emission mining solutions, this includes the supply of battery power systems by Fortescue Zero.
• Works commenced on the Green Metal Project at Christmas Creek.
• Celebrated significant milestone of the Billion Opportunities program awarding more than A$5
billion in contracts and sub-contracts to First Nations businesses, since inception.
• Released an externally verified Climate Transition Plan to reach Real Zero by 2030.
• Fortescue’s Board has elected Dr Larry Marshall as the new Lead Independent Director,
effective from the Company’s 2024 Annual General Meeting.
• Guidance for FY25 shipments, C1 cost and capital expenditure remains unchanged.
Fortescue Metals Chief Executive Officer, Dino Otranto said “Fortescue had a strong start to FY25
with record first quarter iron ore shipments of 47.7Mt, which included 1.6Mt from Iron Bridge. This
was achieved while maintaining our focus on safety with a Group TRIFR of 1.2. This strong
operating performance means we are on track to meet our FY25 market guidance.
“We also celebrated a number of other milestones including the commencement of works at our
Green Metal Project at Christmas Creek which marks a pivotal moment in our journey to build a
green metal supply chain.”
Fortescue Energy Chief Executive Officer, Mark Hutchinson said “It has been an extremely
successful quarter for our green technology team, as we unveiled our autonomous battery-electric
T 264 truck to the world. We topped off the milestone by also signing one of the biggest equipment
deals on record, a US$2.8 billion partnership with Liebherr to jointly develop and validate a range
FORTESCUE | SEPTEMBER 2024 QUARTERLY PRODUCTION REPORT Page 2 of 4
of zero emission equipment solutions for mining and heavy industry. Under the agreement, the
equipment will be powered by the battery power system developed by Fortescue Zero.
“We continue to progress our green energy projects globally in a disciplined manner as we wait for
the appropriate policy settings to support the market development.”
Operations
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