Fortescue posts record H1 shipments as iron-ore performance strengthens
Australian miner Fortescue has delivered record first-half iron-ore shipments of just over 100-million tonnes in the 2026 financial year, underpinned by strong operational performance, disciplined cost control and continued progress on decarbonisation and growth initiatives.
The company shipped 50.5-million tonnes of iron-ore in the December 2025 quarter, lifting first-half shipments to 100.2-million tonnes, 3% higher year-on-year and the highest first-half total in Fortescue’s history.
Shipments of Iron Bridge concentrate totalled 2.2-million tonnes for the quarter and 4.3-million tonnes for the half year, up 37% on the prior corresponding period.
Fortescue Metals and Operations CEO Dino Otranto said on Thursday that the record result had been achieved safely and positioned the group well for the remainder of the financial year.
“It was a record first half, with shipments reaching new highs across our operations. This was achieved safely and sets us up well heading into the second half to meet our FY26 shipments and cost guidance,” Otranto said.
Safety performance improved, with a leading safety index score of 160 and a total recordable injury frequency rate of 1.5 at December 31, 2025.
Hematite C1 unit costs were $19.10/wmt in the December quarter, contributing to a first-half C1 unit cost of $18.64/wmt. The quarterly increase reflected the normalisation of favourable inventory movements in the prior quarter, as well as higher diesel prices and exchange-rate impacts. Fortescue reaffirmed FY26 hematite C1 unit cost guidance of $17.50/wmt to $18.50/wmt.
Average hematite revenue for the quarter was $93/dmt, equating to 88% of the Platts 62% CFR Index and 90% of the Platts 61% CFR Index. Iron Bridge concentrate achieved revenue of $122/dmt, exceeding benchmark pricing at 102% of the Platts 65% CFR Index.
Strong operating performance translated into robust cash flow, with Fortescue closing the December quarter with a cash balance of $4.7-billion and net debt of $1.0-billion, after capital expenditure of $759-million.
On the growth front, Fortescue entered into a binding agreement to acquire the remaining 64% of Alta Copper not already owned, strengthening its copper exposure in Latin America. Growth and Energy CEO Gus Pichot said the transaction aligned with the group’s strategy to diversify beyond iron-ore.
“Fortescue will apply its strong track record of project delivery and well-established technical, permitting and community engagement expertise to diversify and expand our copper portfolio and exploration footprint in Latin America,” Pichot said.
The company also continued to progress studies at the Belinga iron-ore project in Gabon, where a Presidential Taskforce has been established to streamline planning and delivery of an integrated mine, rail and port development.
Decarbonisation efforts advanced during the quarter with the delivery of Fortescue’s first large-scale battery energy storage system at North Star Junction. The 250 MWh installation marks the first step in a planned 4 GWh to 5 GWh rollout to support the decarbonisation of Pilbara operations, alongside renewable energy, transmission infrastructure and an expanding electric mining fleet.
Fortescue maintained its FY26 guidance for shipments, C1 unit costs and capital expenditure, with management expressing confidence that the strong first-half performance provides momentum heading into the second half of the financial year.
