SYDNEY, Jan 31 (Reuters) - World no. 4 iron ore miner Fortescue Metals Group FMG.AX on Tuesday reported a slight drop in second-quarter shipments but remained on track for a bumper year as demand and prices continue to outstrip forecasters' expectations of a slowdown.
The Australian miner shipped 42.2 million tonnes of ore in the quarter to Dec. 31, down by 4 percent from the 43.8 million shipped in previous quarter.
Cash production costs dropped by 7 percent to $12.54 per tonne against the previous quarter and 21 percent over the prior 12 months, the company said.
Fortescue maintained its full-year guidance of 165 million to 170 million tonnes shipped.