Fortescue Metals announced December 2022 quarterly production report

Fortescue Metals Group Limited (ASX: FMG) announced its December quarter production report:

• The company's C1 cost of US$17.17/wmt decreased by 3% compared to the last quarter, supported by strong operational performance.
• FMG has started civil works on the installation of the solar farm as part of the Pilbara Energy Connect program of works.
• The company's cash balance increased to US$4.0 billion on 31 December 2022.
• The total capital expenditure of FMG for the quarter was US$728 million, and the total capital expenditure for 1HFY23 was US$1.4 billion.
• The net debt decreased to US$2.1 billion, while the gross debt remained at US$6.1 billion on 31 December 2022.
• The company expects its FY23 shipments at 187 - 192mt, inclusive of Iron Bridge shipments of less than 1mt.

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