Summary
• Total Recordable Injury Frequency Rate (TRIFR) for Metals of 1.3 in the 12 months to 30 June
2024 (FY24), a 28 per cent improvement from 30 June 2023.
• Record iron ore shipments of 53.7 million tonnes (Mt) in Q4 FY24, 10 per cent higher than Q4
FY23. This contributed to total shipments of 191.6 million tonnes in FY24.
• Pilbara Hematite average revenue of US$92/dry metric tonne (dmt) for the quarter, realising 82
per cent of the average Platts 62% CFR Index, and average revenue of US$103/dmt in FY24.
• Industry leading cost position, with Pilbara Hematite C1 cost of US$18.53/wet metric tonne
(wmt) in Q4 FY24 and US$18.24/wmt in FY24.
• Iron Bridge Concentrate average revenue of US$127/dmt for the quarter was 101 per cent of
the average Platts 65% CFR Index, and average revenue of US$137/dmt in FY24.
• Strong cashflow generation contributed to a cash balance of US$4.9 billion and net debt of
US$0.5 billion at 30 June 2024. This is after capital expenditure of US$2.9 billion in FY24.
• Decarbonisation progress included initial commissioning of the 100 megawatt solar farm at
North Star Junction and first operation of a hydrogen-powered battery electric haul truck prototype.
• Pecem Green Hydrogen Project in Brazil advanced to feasibility phase, including commencement
of the Front End Engineering Design process.
• Fortescue-Actis consortium awarded rights to develop green hydrogen projects in Oman.
• Fortescue signs contracts for sale of first electrolysers from its electrolyser facility in Gladstone,
Queensland.
• In July 2024, announced a management and organisational update to simplify the Company’s
structure, remove duplication and deliver cost efficiencies.
• Appointment of Apple Paget as Group Chief Financial Officer and Shelley Robertson as Chief
Operating Officer.
• FY25 guidance for total shipments of 190 - 200Mt, including 5 - 9Mt from Iron Bridge (100 per
cent basis) and a C1 cost for Pilbara Hematite of US$18.50 - US$19.75/wmt.
Fortescue Metals Chief Executive Officer, Dino Otranto said, “It’s been an outstanding quarter by
the team who rallied together to deliver record iron ore shipments of 53.7Mt which was 10 per cent
higher than the June quarter last year. This record result demonstrated the efficiencies gained
through our recovery plan following the ore car derailment in December 2023.
“Importantly, we achieved this while maintaining our laser focus on safety with our Total Recordable
Injury Frequency Rate improving to 1.3 for the financial year. This is an incredible achievement and
shows a 28 per cent improvement from the previous year.
“On decarbonisation, we remain firmly committed to our target of Real Zero by 2030, without
voluntary carbon offsets. During the quarter we commenced commissioning of our 100 megawatt
FORTESCUE | JUNE 2024 QUARTERLY PRODUCTION REPORT Page 2 of 5
solar farm at North Star Junction which will eliminate up to 180,000 tonnes of carbon dioxide
equivalent from our operations every year once fully commissioned. Our hydrogen-powered haul
truck prototype also operated on hydrogen for the first time and will soon be transported to our
Christmas Creek site to undergo site-based commissioning and testing.
“Looking ahead to FY25, we’re seeking to achieve record shipments with guidance of 190 - 200Mt.
As part of bringing together Metals and Energy into One Fortescue, we are simplifying our structure
and removing duplication that will ensure Fortescue is lean, impactful and can move quickly to
seize opportunities.”
Fortescue Energy Chief Executive Officer, Mark Hutchinson said, “As we lead the world in industrial
decarbonisation, we remain steadfast in our commitment to green hydrogen. Our financial
discipline will ensure that we focus hard only on those projects that are economic and deliver best
value for shareholders.
“We continue to progress our initial four green hydrogen projects across Australia, the United
States, Norway and Brazil, which each draw on the unique strengths of the countries they are in.
Projects in Morocco, Oman, Egypt and Jordan will follow next, while we maintain a further pipeline
of opportunities that will progress when power prices fall sufficiently to bring them to economic
viability and global demand for green hydrogen increases.
“During the quarter, the Energy business achieved several milestones including the Pecem Green Hydrogen Project in Brazil receiving approval by the Fortescue Board to advance to feasibility stage. We also entered into a consortium with Actis where we were awarded the rights to develop
and operate a large green hydrogen project in Oman.
“Our Fortescue Zero green technologies also went from strength to strength as we signed our first contracts to sell electrolysers from our Gladstone facility and finalised a multi-year deal with JLR to
use Fortescue’s cutting-edge battery intelligence software, Elysia, in its next-generation electric vehicles.”
Operations. see & read more on
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