Australia's Fortescue Metals sees higher 2020 shipments, costs [Reuters]
FORTESCUE METAL GRP S/ADR (FSUGY)
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Source: Reuters
Australia's Fortescue Metals sees higher 2020 shipments, costs - Reuters 2 Min Read (Reuters) - Australia’s Fortescue Metals Group on Thursday forecast stronger iron ore shipments in 2020, but also flagged higher costs as it ramps up production to meet demand from China, its largest market. The Perth-based miner forecast fiscal 2020 shipments of 170 million to 175 million tonnes, compared with 2019 shipments of 167.7 million tonnes. The company said it expects 2020 capital expenses of $2.4 billion, about twice as much as 2019. It also forecast cash production costs at $13.25 to $13.75 per wet metric tonne, up as much as 8% from $12.78 in the fourth quarter. Fortescue flagged strong demand in China, despite signs of slowing industrial activity in the country. The miner had recently stepped up sales of a new medium-grade West Pilbara Fines product to Chinese steel mills. The miner delivered 9 million tonnes of the new product in fiscal 2019, which was within its forecast range. It expec
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