Australia’s Fortescue posted a 4.2% rise in first-quarter iron-ore shipments on Thursday, a record for first-quarter production for the firm on the back of higher hematite shipments.

Chaired by billionaire founder Andrew Forrest, Fortescue shipped 49.7 million metric tonnes of iron ore in the three months ended September 30, compared with 47.7 million tonnes shipped a year ago.

That was in line with Visible Alpha’s consensus of 49.6 Mt.

Its Hematite operations shipped 47.6 Mt during the quarter, higher than last year’s 46.1 Mt.

Fortescue has also started to implement its revised Hematite life of mine plan, which “optimises material movement and orebody use”, according to Fortescue’s Metals and Operations CEO, Dino Otranto.
Source: Reuters (Reporting by Shivangi Lahiri and Sherin Sunny in Bengaluru; Editing by Alan Barona)