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PrintFortescue Metals Group reported Thursday a 61% year-on-year increase in iron ore exports in the July-September quarter to 25.9 million mt.
Shipments were also 4% higher than the previous quarter's 25 million mt, the company said in its latest quarterly production report.
The Australian miner said cash costs for the quarter were $33.17/mt, down 8% from the previous quarter and 33% lower year on year.
Fortescue's average realized price for iron ore during the July-September quarter stood at $121/mt compared with $113/mt in the prior quarter.
Fortescue CEO Nev Power said in a conference call Thursday that the company did not expect to see any major changes in iron ore prices anytime soon as steel demand in China remains strong with 8% growth seen over the last eight months.
"That's not to say there can't be some short-term volatility," Power said. But there are no signs that prices will fall for any sustained period going forward, he added.
Fortescue recently began commissioning of its Kings mine in the Pilbara region and expects to produce first ore in November. This puts the company on track to achieve a production rate of 155 million mt/year by the end of the first quarter of 2014, it said.
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