Summary
• Total Recordable Injury Frequency Rate (TRIFR) for Metals of 1.5 at 31 March 2024, a 17 per
cent improvement from 31 December 2023.
• Iron ore shipments of 43.3 million tonnes (Mt) in Q3 FY24 were six per cent lower than Q3 FY23
reflecting the impact of the ore car derailment on 30 December 2023 and weather disruptions.
• Shipments recovered during the quarter, with a record month for shipments of 18.7Mt achieved
in March 2024.
• Pilbara Hematite C1 cost of US$18.93/wet metric tonne (wmt) was seven per cent higher than
Q2 FY24, impacted by lower sales volumes.
• Pilbara Hematite average revenue of US$104/dry metric tonne (dmt) for the quarter, realising
85 per cent of the average Platts 62% CFR Index. Revenue realisation was affected by the
timing of sales during the quarter, with contractual realisation of 90 per cent.
• Iron Bridge Concentrate revenue of US$145/dmt for the quarter was 107 per cent of the average
Platts 65% CFR Index.
• Cash balance of US$4.1 billion and net debt of US$1.2 billion at 31 March 2024, after payment
of the interim dividend of US$2.2 billion and capital expenditure of US$589 million in the quarter.
• Successfully conducted the world's first use of ammonia as a marine fuel onboard the
Singapore-flagged ammonia-powered vessel, the Fortescue Green Pioneer.
• In April 2024, announced a joint venture with OCP Group, the world leader in plant nutrition
solutions and phosphate-based fertilisers, which aims to supply green hydrogen, ammonia and
fertilisers to Morocco and international markets.
• In April 2024, officially opened the Gladstone Electrolyser Facility in Queensland Australia, with
manufacturing capacity of over 2GW per annum.
• Guidance for FY24 total shipments is unchanged at 192 - 197Mt, with shipments now expected
in the lower end of the range due to the derailment and weather impacts during Q3 FY24. This
is inclusive of approximately 2Mt from Iron Bridge (100 per cent basis, previously 2 - 4Mt).
• Guidance for FY24 Pilbara Hematite C1 cost is unchanged, and guidance for Metals capital expenditure is amended to US$2.5 - US$2.7 billion (previously US$2.8 - US$3.2 billion).
• Guidance for FY24 Fortescue Energy net operating expenditure reduced by US$100 million to US$700 million, reflecting cost saving initiatives.
Fortescue Metals Chief Executive Officer, Dino Otranto said “The Fortescue team pulled together to successfully implement our recovery plan, and we had a record month for shipments in March of 18.7Mt contributing to 43.3Mt for the quarter. We also set a new record for railed tonnes, all while continuing to improve our safety performance.

“Our decarbonisation plan is progressing well, with our first operational electric excavator moving over one million tonnes of material since being commissioned. Our battery electric haul truck
prototype has completed its first phase of testing, exceeding the performance expectations of the battery power system.”
Fortescue Energy Chief Executive Officer, Mark Hutchinson said “The Energy business achieved several milestones, including the official opening of our Gladstone Electrolyser Facility in Queensland, which positions Fortescue as a large scale producer of electrolyser stacks.
“The pipeline of green energy projects continues to develop, and Fortescue entered a landmark joint venture with OCP Group in Morocco which aims to supply green hydrogen and ammonia for use as sources of green energy and in the manufacture of carbon-neutral and customised fertilisers.
“In true Fortescue style, we are rapidly advancing these opportunities while retaining an unwavering focus on costs and capital discipline.”
Operations: see & read more on
https://cdn.fortescue.com/docs/default-source/announcements-and-reports/march-2024-quarterly-production-report.pdf?sfvrsn=e658e7c5_5