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BRIEF-Fortescue Metals Group says June quarter total ore shipped 42.4 mln tonnes versus 38.7 mln tonnes

Published 23/07/2015, 09:58 am
BRIEF-Fortescue Metals Group says June quarter total ore shipped 42.4 mln tonnes versus 38.7 mln tonnes
FMG
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July 22 (Reuters) - Fortescue Metals Group Ltd FMG.AX :

* June 2015 quarterly production report FMG.AX

* June quarter ore mined 42.1 million tonnes versus 43.8 million tonnes last year

* June quarter total ore shipped 42.4 million tonnes versus 38.7 million tonnes last year

* Re-affirms its FY 2016 shipping guidance at 165MTPA with C1 cost guidance of US$18/WMT

* Says has US$2.4 billion of cash on hand at 30 June 2015

* June quarter C1 costs US$ 22.16 /Wet Metric Tonne versus US$ 34.03/Wet Metric Tonne last year

* Says "US$1.6 billion of savings achieved over the last two financial years with an additional US$1.4 billion to be realised in FY 2016"

* Rebound in the iron ore price during the quarter saw co's realisation of us$52/DMT improve from 85% to 89% for the quarter

* Average 62% platts CFR price US$58 per dry metric tonne during June 2015 quarter compared to US$62/DMT in March 2015 quarter

* Says fortescue's Net Debt at 30 June 2015 was US$7.2 billion

* "Completed its capital expansion program and is not planning to invest in any additional production capacity"

* "Continues to expect to realise between 85-90% of the 62% Platts index going forward"

* Says total delivered costs for June were US$28/wmt

* Steel prices starting to show signs of recovery driven by residential property development in major Chinese cities and continued strong exports

Source text for Eikon ID:nASX2WCN7l

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