Fortescue’s record June quarter

Fortescue (ASX: FMG) has released its Q4 performance, highlighting record iron ore shipments totalling 191.6mt in FY24.

The record iron ore shipments of 53.7mt in Q4 were 10% higher than Q4 FY23.

Fortescue Metals chief executive Dino Otranto says this has been an outstanding quarter.

“This record result demonstrated the efficiencies gained through our recovery plan following the ore car derailment in December 2023,” he said.

“Looking ahead to FY25, we’re seeking to achieve record [iron ore] shipments with guidance of 190 – 200mt.

“As part of bringing together Metals and Energy into One Fortescue, we are simplifying our structure and removing duplication that will ensure Fortescue is lean, impactful and can move quickly to seize opportunities.”

A constant focus on safety contributed to a Total Recordable Injury Frequency Rate of 1.3 for FY24.

“This is an incredible achievement and shows a 28% improvement from the previous year,” said Mr Otranto.

Fortescue has also remained committed to their 2030 Real Zero target through renewable energy and decarbonisation projects.

“During the quarter we commenced commissioning of our 100MW solar farm at North Star Junction which will eliminate up to 180,000t of carbon dioxide equivalent from our operations every year once fully commissioned,” Mr Otranto said.

“Our hydrogen-powered haul truck prototype also operated on hydrogen for the first time and will soon be transported to our Christmas Creek site to undergo site-based commissioning and testing.”

Fortescue Energy chief executive Mark Hutchinson says Fortescue remains committed to green hydrogen.

“Our financial discipline will ensure that we focus hard only on those projects that are economic and deliver best value for shareholders,” he said.

“We continue to progress our initial four green hydrogen projects across Australia, the United States, Norway and Brazil, which each draw on the unique strengths of the countries they are in.”

During the quarter, Fortescue signed first contracts for the sale of electrolysers from its Gladstone, Queensland facility.

Fortescue also signed a multi-year deal with JLR to use Fortescue’s battery intelligence software, Elysia, in its next-generation electric vehicles.