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However, rising prices of diesel and labour pushed Fortescue’s direct costs 16% higher year-over-year to $17.69 per wet metric tonne (wmt).
The results come as prices of the steel-making commodity take a hit from top consumer China’s strict COVID-19 curbs that have slammed its economy.
The world’s fourth-largest iron ore miner said it shipped 47.5 million tonnes (mt) of iron ore in the quarter ended Sept. 30, compared with 45.6 mt a year earlier.
The company, however, kept its full-year guidance unchanged, expecting to ship between 187 million tonnes to 192 million tonnes of ore in fiscal 2023.
