Business
Fortescue faces cost pressures after record iron ore shipments – The Australian Financial Review
The miner is shipping iron ore at a record rate but is under pressure from the rising Australian dollar and a big-ticket magnetite project.
Fortescue kept costs to $US12.81 a tonne in the December quarter, in line with the previous three months, but has maintained guidance of $US13 to $US13.50 for the full year. The forecast is based on an assumed exchange rate of 70¢ against the greenback but the Australian dollar is currently trading at around 76¢.
Chairman Andrew Forrest revealed details of Fortescues profit last week in a pre-recording of his Boyer lecture for the ABC and the company advised the market that it expected first-half…
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