Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2021-22 ended on June 30.
During the given period, Fortescue’s net profit amounted to US$6.2 billion, falling by 39.8 percent compared to the previous financial year, while the company’s sales revenue amounted to US$17.39 billion, down 21.9 percent on year-on-year basis since the average realized iron ore price was $99.8/mt, down by 26.2 percent year on year. Meanwhile, Fortescue’s EBITDA decreased by 35.4 percent year on year to US$10.56 billion in the given period.
The company achieved the second-highest annual profit in its history.
Fortescue shipped 189.0 million mt of iron ore during the financial year, 3.7 percent higher than the previous financial year.
In the financial year 2021-22, the company’s total capital expenditure was recorded at US$3.07 billion and is expected to be US$2.7-3.1 billion in the financial year 2022-23, while its iron ore shipments are predicted to be in the range of 187-192 million mt in the same period.
Ivindo Iron, an incorporated joint venture which is owned 80 percent by Fortescue and 20 percent by the Africa Transformation and Industrialisation Fund, an Africa-focused investment fund incorporated in Abu Dhabi, will commence exploration works to determine the potential size and grade of the Belinga iron ore deposit in West Africa and to evaluate logistics solutions, as SteelOrbis previously reported.