Logistics, Ports & Terminals, Mining and Heavy Industries

FMG exceeds iron ore guidance figure

Two fortescue locos - Photo FMG

Fortescue Metals Group has exceeded its guidance figure for iron ore exports in the 2015/16 financial year, reporting a total of 169.4 million tonnes shipped in the period.

The metals group had given prior guidance of 165 million tonnes, and exceeded that mark by 4.9 million tonnes.

Unseasonably mild temperatures helped put shipments ahead of target in the March quarter, the miner said in a statement.

Continued decent weather during the June quarter meant the shipments stayed ahead of guidance.

The market seemed to anticipate the above-guidance result, as Fortescue’s shares rose by a third over the month leading up to the results announcement on July 13.

Fortescue will release its full June 2016 quarterly figures later this month.

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