- Write by:
-
Wednesday, February 16, 2022 - 12:52:03
-
449 Visit
-
Print
Mining News Pro - Fortescue Metals Group Ltd, the world’s fourth-largest iron ore miner, said on Wednesday its first-half profit fell by nearly a third, hurt by higher material and labour costs due to the pandemic.
China’s push to curb emissions and easing construction activity in the country’s debt-laden property sector led to prices of the steel-making commodity halving from record levels last year, while a covid-19 wave in Australia due to the Omicron variant also hampered Fortescue’s operations.
Analysts expect iron ore prices to stabilise this year, but remain some way away from last year’s peak. BHP Group said on Tuesday commodity price volatility will continue for some time, though outlook for demand and pricing remains strong.
“We remain focused on managing industry cost pressures and challenges posed by Western Australia’s ongoing border restrictions,” Fortescue Chief Executive Officer Elizabeth Gaines said, adding that the company was working with the state government to ensure access to specialist labour.
The miner posted an underlying net profit of $2.78 billion, compared with $4.08 billion a year earlier. Analysts had expected a profit of $2.70 billion, according to Vuma Financial.
Fortescue declared an interim dividend of 86 Australian cents per share, compared with A$1.47 per share a year earlier.
The company reiterated its annual shipments, costs and capital expenditure forecast.
Short Link:
https://www.miningnews.ir/En/News/620660
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Australian miner Lynas posted a slump in third-quarter sales revenue on Wednesday, missing analyst expectations on the ...
China’s Tianqi Lithium said on Thursday it has formally requested that a proposed joint venture between lithium company ...
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
No comments have been posted yet ...