Fortescue Metals Group announced March quarterly production report

Fortescue Metals Group Ltd (ASX: FMG) announced its quarterly production report as follows:

• The company has completed the Iron ore shipments of 46.3 million tonnes (mt) in Q3 FY23, which helped to contributing to record shipments of 143.1 mt for the nine months ending in March 2023.
• FMG achieved an average revenue of US$109/dry metric tonne (dmt), realising 87% of the average Platts 62% CFR Index for the quarter.
• After paying the interim dividend of US$1.5 billion and capital expenditure of US$681 million in the quarter, the company's net debt was US$2.1 billion on 31 March 2023.
• The company's cash balance was US$4.0 billion as of 31 March 2023, remaining constant from 31 December 2022.

 Guidance

• The company's capital expenditure would rise from US$2.7 to US$3.1 billion (excluding FFI).
• The company's iron ore exports will grow from 187mt to 192mt.

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