Fortescue iron ore shipments surge

Fortescue Metals has reaffirmed its full-year production guidance of 127 million tonnes, after increasing its total shipments of iron ore in the third quarter by 56% year-on-year.

In the three months to March, Fortescue shipped a total of 31.5 million tonnes of iron ore, compared to the 20.2 million tonnes shipped in the previous corresponding period.

While the result is comparatively positive, UBS analyst Glyn Lawcock had expected total shipments to come in at 32.6 million tonnes, but warned even that figure may not be enough to put Australia's third-largest producer of iron ore on track to meet its full-year guidance of 127 million tonnes.

Fortescue had warned in its December production report that adverse weather in January would impact its full-year shipments.

In the quarter, Fortescue said it mined 29.6 million tonnes of ore, a 17% increase year-on-year, however the miner noted the the impact of seasonal wet weather on production.