MINER and iron ore exporter Fortescue Metals Group has reported exporting 47.3m tonnes from the Pilbara during the June quarter, a quarterly record for the company.

FMG also reported exporting 178.2m tonnes for the 2020 financial year, exceeding the top end of guidance of 177m tonnes and 6% higher than FY19

Chief executive Elizabeth Gaines said the entire Fortescue team had “delivered strong results”.

“This was an outstanding performance which underpinned the operational excellence we delivered in FY20, particularly during a quarter when we implemented a range of measures in response to COVID-19,” Ms Gaines said.

“I am very proud of the team’s commitment and cooperation during this time which has sustained our contribution to the Western Australian and national economies through the reliable and secure supply of iron ore to our customers.”

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Ms Gaines talked of reasons for optimism in the year ahead.

“Our guidance for FY21 builds on the momentum of a record FY20 as we optimise our integrated operations and marketing strategy, with shipments in the range of 175 – 180mt,” she said.

“We have a strong balance sheet and clear focus to reinvest in the business, develop our major growth projects and continue to deliver enhanced shareholder returns.”

Some interesting developments concerning the Australia-China iron ore trade

Ms Gaines said during the quarter they announced important targets to achieve net zero operational emissions by 2040 and a 26% reduction in our Scope 1 and 2 emissions by 2030, positioning Fortescue to address the global climate change challenge “with a sense of urgency”.

“Our pathway will include investments in energy infrastructure to increase our use of renewables, as well as a focus on technology and innovation to decarbonise through hydrogen and battery energy solutions,” she said.

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