Fortescue Ltd

FMG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$76.20	Kxtl	Vtlnqygs

Fortescue: Iron Ore Volumes Disappointing

Jon Mills

Apr 24, 2024

Inclement weather and a train derailment meant no-moat Fortescue’s third-quarter fiscal 2024 was modestly behind our expectations. Shipments of 43 million metric tons were 7% down on the same quarter of fiscal 2023 and 11% below the prior quarter. Shipments for the first nine months of fiscal 2024 were 138 million metric tons, 4% down on last year, with a contribution from the new 69%-owned Iron Bridge mine remaining immaterial.

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