By: Esmarie Swanepoel
23rd August 2012
PERTH (Mining Weekly) – Iron-ore major Fortescue Metals has reported a record after-tax net profit for the year ended June, reporting a profit of more than $1.5-billion.
This was a 53% increase on the profit reported in the previous financial year.
“The 2012 financial results reflects the tremendous earnings power of the business as we produced a record net profit on substantially increased production volumes,” said CEO Nev Power on Thursday.
“A key feature was the outstanding operational performance, achieved within an environment of major construction works across all mine, port and rail sites. The great working relationship between construction and operations will increasingly generate rewards for Fortescue shareholders as the operations team ramp-up the mining and transport infrastructure being delivered so efficiently and effectively by the construction teams.”
During the 12 months under review, Fortescue also reported earnings before interest, tax, depreciation and amortisation of $3-billion, this was a 14% increase on the $2.6-billion reported in 2011.
Revenue for the period grew by 23% to $6.6-billion, as sales tonnage grew by 42%. This was partially offset by a 12% reduction in the average realised price of iron-ore, which was $120/t, compared with the $136/t in the previous financial year.
The miner shipped 55.8-milion tons of ore during the 12 months, as the new Christmas Creek ore processing plant was fully ramped and the third berth and second out-load circuit at port were commissioned.
Fortescue was currently working on expanding its production to 95-million tons a year by the end of this year, and further to 155-million tons by mid-2013. The final phase of the expansion would see the Solomon project come on line, which consists of the greenfield Firetail and Kings developments.
Edited by: Mariaan Webb
23rd August 2012
PERTH (Mining Weekly) – Iron-ore major Fortescue Metals has reported a record after-tax net profit for the year ended June, reporting a profit of more than $1.5-billion.
This was a 53% increase on the profit reported in the previous financial year.
“The 2012 financial results reflects the tremendous earnings power of the business as we produced a record net profit on substantially increased production volumes,” said CEO Nev Power on Thursday.
“A key feature was the outstanding operational performance, achieved within an environment of major construction works across all mine, port and rail sites. The great working relationship between construction and operations will increasingly generate rewards for Fortescue shareholders as the operations team ramp-up the mining and transport infrastructure being delivered so efficiently and effectively by the construction teams.”
During the 12 months under review, Fortescue also reported earnings before interest, tax, depreciation and amortisation of $3-billion, this was a 14% increase on the $2.6-billion reported in 2011.
Revenue for the period grew by 23% to $6.6-billion, as sales tonnage grew by 42%. This was partially offset by a 12% reduction in the average realised price of iron-ore, which was $120/t, compared with the $136/t in the previous financial year.
The miner shipped 55.8-milion tons of ore during the 12 months, as the new Christmas Creek ore processing plant was fully ramped and the third berth and second out-load circuit at port were commissioned.
Fortescue was currently working on expanding its production to 95-million tons a year by the end of this year, and further to 155-million tons by mid-2013. The final phase of the expansion would see the Solomon project come on line, which consists of the greenfield Firetail and Kings developments.
Edited by: Mariaan Webb
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