Oct 22 (Reuters) – Fortescue, Australia’s third-largest miner, posted a 6% decline in first-quarter iron ore shipments on Thursday due to maintenance activity including scheduled port outload shutdowns, underlining a hit to its business from protracted supply talks with China’s state buyer.
The Perth-based miner said earlier this month its cash balance fell 37% in the September quarter and warned that its forecasts were subject to ongoing negotiations with state-backed buyer China Mineral Resources Group.
Fortescue shipped 46.8 million metric tons (Mt) of iron ore in the three months ended September 30, compared with 49.7 Mt shipped a year ago, missing the Visible Alpha consensus estimate of 47.5 Mt.
(Reporting by Sherin Sunny in Bengaluru; Editing by Shreya Biswas)
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