Australia: FMG iron ore output increases 7% y-o-y in Mar quarter 2026

• Quarterly shipments rise 5% y-o-y amid steady demand
  
  
• Weather disruptions impact Iron Bridge production and shipments
  
  

Fortescue Metals Group (FMG) reported iron ore production (ore mined) of 59.5 million tonnes (mnt) in the quarter ended March 2026, up 7% y-o-y against 55.5 mnt in the same period last year, but down 3% q-o-q from 61.4 mnt in the previous quarter. Ore processed stood at 47.8 mnt, rising 1% y-o-y against 47.6 mnt, while declining 4% q-o-q from 49.8 mnt.

Cumulatively, iron ore production reached 181.0 mnt in the nine months ended March 2026, up 4% y-o-y against 174.0 mnt in the corresponding period last year. Ore processed stood at 148.5 mnt, reflecting a 1% increase against 147.0 mnt in the same period last year.

The overall operational performance remained steady, though weather-related disruptions weighed on sequential volumes during the quarter.

Volume references are based on wet metric tonnes (wmt).

Operational highlights

Iron ore production rises y-o-y in March quarter

The company reported iron ore production (ore mined) of 59.5 mnt in the quarter ended March 2026. Output increased 7% against 55.5 mnt in the same period last year, while declining 3% compared to 61.4 mnt in the previous quarter.

The March quarter production included haematite output of 52.7 mnt and Iron Bridge production of 6.8 mnt.

Moreover, total iron ore production stood at 181.0 mnt in the nine months ended March 2026, reflecting a 4% increase against 174.0 mnt in the corresponding period last year.

Shipment, cost guidance for FY'26

• Shipment guidance: FMG has maintained its FY26 shipment guidance at 195-205 mnt, including 9-10 mnt from Iron Bridge (revised from 10-12 mnt).
  
  
• Cost guidance: Cost guidance for haematite was held unchanged at $17.50-18.50/wmt.
  
  

The guidance assumes an average AUD:USD exchange rate of 0.65 for FY'26 and factors in expected increases in labour costs and mine plan impacts, which are expected to be balanced by cost control and efficiency efforts.

Other highlights

• FMG reported improved safety metrics, with a Leading Safety Index (LSI) of 173 and a total recordable injury frequency rate (TRIFR) of 1.4 for the 12 months ended March 2026, reflecting continued focus on operational safety.
  
  
• During the period, the company advanced its decarbonisation initiatives, including the construction of the 133 MW Nullagine wind project and the 440 MW Solomon solar project, aimed at reducing reliance on fossil fuels across its Pilbara operations.
  
  
• On the growth front, FMG completed the acquisition of Alta Copper, strengthening its exposure to critical minerals. The company also continued to progress exploration activities across key assets, including the Belinga iron ore project in Gabon and other global locations.