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Fortescue has posted a 23% increase in first-half profit, driven by record iron ore shipments and stronger commodity prices, enabling the Australian mining giant to deliver a higher-than-expected dividend. The world’s fourth-largest iron ore producer reported an underlying net profit after tax of $1.91 billion for the six months ended December 31, up from $1.55 billion a year earlier, though slightly below the $1.98 billion forecast by Visible Alpha.
Investor sentiment remained positive, with Fortescue shares climbing as much as 3.8%, outperforming rivals BHP and Rio Tinto. The company declared an interim dividend of 62 Australian cents per share, representing a 65% payout ratio. This exceeded analyst expectations of around 60 cents and improved on last year’s 50-cent interim dividend.
Strong operational performance supported the earnings growth. Fortescue achieved record first-half iron ore shipments, reduced iron ore costs by 3%, and benefited from a 6.6% increase in realized prices. Analysts at Jarden expect the company’s leaner cost base to continue supporting higher margins and stronger free cash flow, reinforcing its shareholder returns strategy.
Looking ahead, Fortescue is balancing disciplined cost management with long-term diversification. The miner is investing in critical minerals and copper projects to reduce reliance on iron ore. Key growth initiatives include an iron ore project in Gabon and a copper development in Peru, both expected to begin production next decade. Additional efforts include a Brazilian rare earths project and copper exploration across Australia, Canada, and Kazakhstan, where drilling is being accelerated.
The company previously shelved its global green hydrogen plans due to high production costs and limited demand but continues exploring renewable energy solutions. Fortescue is deploying artificial intelligence to optimize shipment scheduling and aims to cut iron ore costs by $2 to $4 per ton by 2030 through replacing diesel with renewable power.
Meanwhile, executives described ongoing supply negotiations with China’s state-backed buyer as phased discussions, expressing confidence that product demand will remain strong.
