Fortescue has delivered a record-breaking FY25, with iron ore shipments, cost reductions, and safety metrics driving strong operational momentum for the company as it looks to the next financial year.
The miner shipped a record 55.2 million tonnes (Mt) of iron ore in Q4 FY25, contributing to a full-year record of 198.4Mt — four per cent higher than FY24, with Iron Bridge contributing 2.4Mt of concentrate in the quarter and 7.1Mt across the year.
“Fortescue’s performance this year has been exceptional. We delivered record quarterly shipments of 55.2 million tonnes, contributing to a record full year total of 198.4 million tonnes,” Fortescue Metals and Operations chief executive officer Dino Otranto said.
“We met all aspects of our market guidance and cemented our position as the industry’s lowest cost producer, with our annual C1 cost declining for the first time since FY20. This result is credit to the relentless focus of our teams on safety, efficiency and operational excellence.”
In FY25, Fortescue achieved a Total Recordable Injury Frequency Rate (TRIFR) of 1.3, consistent with the previous year. Hematite C1 costs were US$16.29 per wet metric tonne (wmt) in the June quarter and US$17.99/wmt for the year — one per cent lower than FY24. Revenue averaged US$85 per dry metric tonne (dmt) across FY25, while Iron Bridge Concentrate achieved US$108/dmt in Q4.
The company closed the year with US$4.3 billion in cash and net debt of US$1.1 billion, despite US$3.9 billion in capital expenditure.
“Fortescue’s operational excellence is driven by our push to decarbonise, innovate and evolve. We are unapologetically ambitious, and that will remain at the centre of our disciplined growth strategy, as we build on a strong track record to create long-term value for our shareholders,” Fortescue Growth and Energy CEO Gus Pichot said.
“Over the past year we have refined and reconsidered our global project pipeline with a sharpened focus on commercial outcomes. That’s meant making some tough decisions. We remain committed to disciplined growth, underpinned by targeted research and development that unlocks innovative solutions to drive down costs and deliver our green metals and green energy goals.”
FY26 guidance includes 195–205Mt in total shipments, with 10–12Mt from Iron Bridge and a Hematite C1 cost range of US$17.50–US$18.50/wmt.
