Fodders River Iron Ore achieves a new high in semi-annual shipment volume, and will complete the acquisition of Alta Copper.

On February 25, Fortescue Metals Group announced its financial results for the first half of fiscal year 2026 (ended December 31, 2025). The latest data shows the company shipped 100.2 million tons of iron ore during the reporting period, a 3% increase year-over-year, setting a new half-year shipment record.

Fortescue stated that due to increased sales volume and the average sale price of hematite rising to $91 per dry metric ton, revenue for the first half of FY2026 reached $8.4 billion, a 10% increase compared to the first half of FY2025. EBITDA reached $4.5 billion, up 23% year-over-year. Net profit after tax (NPAT) increased to $1.9 billion, with earnings per share of $0.62.

The company announced an fully franked interim dividend of AUD 0.62 per share, a 24% increase from the interim dividend of FY2025. The total dividend payout accounted for 65% of the net profit after tax for the first half of FY2026.

In terms of product mix, the Iron Bridge magnetite concentrate project performed strongly, with shipments reaching 4.3 million tons in the first half of the fiscal year, a 37% increase year-over-year, becoming a core driver of the company’s high-grade product portfolio growth. Meanwhile, the hematite ore business remained steady, with shipments of low-grade fines such as super fines reaching 21.9 million tons in Q4 2025, an 11.7% increase quarter-over-quarter.

Regarding cost control, Fortescue’s C1 cash costs for iron ore in H2 2025 were $18.64 per wet metric ton. Despite rising diesel prices and exchange rate fluctuations, quarterly costs increased to $19.10 per wet metric ton, but annual costs remained within the targeted range.

The company maintained its full-year shipment target for FY2026 at 195 million to 205 million tons, with hematite C1 costs guidance still at $17.50–$18.50 per wet metric ton.

Based on the solid performance in the first half of the fiscal year, Fortescue reaffirmed its full-year shipment target of 195 million to 205 million tons, including 10 to 12 million tons from the Iron Bridge mine. Capital expenditure in the metals business is expected to be between $3.3 billion and $4 billion.

Notably, while consolidating its core iron ore operations, Fortescue is also expanding its global strategic mineral projects. According to recent disclosures, the team is actively advancing the Belinga iron ore project in Gabon, continuously improving the integrated mine, railway, and port infrastructure. This project represents a significant step in Fortescue’s resource development in West Africa.

Additionally, in the field of new energy metals, Fortescue has reached a binding agreement to acquire the remaining 64% of issued common shares of Alta Copper, which it does not yet own. This move indicates Fortescue’s plan to expand its copper mining portfolio and exploration activities in Latin America, enriching its strategic assets in the commodities sector.

Fortescue is one of the world’s largest iron ore producers, headquartered in Western Australia. Since the first shipment of iron ore to China in 2008, Fortescue has exported over 2 billion tons of iron ore to China, becoming one of the key suppliers of seaborne iron ore to China.

It is noteworthy that on February 2, this year, the company officially appointed Liu Qing as President of China. Liu Qing has over 20 years of experience as a senior executive in multinational corporations, having served as President of Boeing China and Vice Chairman of Ford Greater China. Fortescue stated that Liu Qing’s deep expertise in government relations, cross-cultural operations, and strategic collaboration will help deepen partnerships with China’s mineral resource groups, steel mills, and green technology partners, promoting multi-dimensional cooperation from iron ore supply to green energy and low-carbon shipping.