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Fortescue Metals Group (ASX:FMG), the world's fourth-largest iron ore miner, reported a 6% year-over-year rise in iron ore shipments for the March quarter, reaching 46.1 million tonnes. This helped the Australian mining giant achieve record nine-month shipments of 143.2 million tonnes as of March 31, despite facing major weather disruptions.
Severe conditions, including the five-day closure of the Port of Port Hedland and Tropical Cyclone Zelia's impact on the Iron Bridge project, tested operations. However, Fortescue reaffirmed its full-year shipment guidance of 190 to 200 million tonnes and maintained its capital expenditure forecast between $3.5 billion and $3.8 billion.
Shares of Fortescue rose nearly 2% in early trading, outperforming the broader market, as investors responded positively to the resilient results. The company also completed its A$254 million acquisition of Red Hawk Mining during the quarter, incorporating the Blacksmith Iron Ore Project into its long-term production plans.
Fortescue’s consistent performance under challenging conditions strengthens its position among leading global iron ore producers and supports its ongoing expansion initiatives. As iron ore demand remains steady, Fortescue's ability to deliver strong shipment volumes is expected to bolster its market standing throughout 2025.
