Fortescue sits in Rivkin’s ASX Blue Chip Portfolio. The company reported its FY26 full year result on Thursday 20 August 2026, covering the twelve months to 30 June 2026.
Fortescue sits in Rivkin’s ASX Blue Chip Portfolio. The company released its September 2026 quarterly production report on Thursday 22 October, covering the first quarter of FY27.
Shipments fell 6% year on year to 46.8 million tonnes, short of the 47.5 million tonne Visible Alpha consensus and down from 52.7 million tonnes in the June quarter. Fortescue ran its largest port shutdown to date during the quarter. Ore mined rose to 62.7 million tonnes from 60.1 million a year earlier, while ore processed fell to 48.8 million tonnes from 50.8 million. Iron Bridge shipped 2.5 million tonnes.
| Metric | Actual | Comparison |
| Shipments | 46.8Mt | 47.5Mt consensus; -6% y/y |
| Sales | 42.9Mt | 3.9Mt below shipments |
| Hematite C1 cost | US$21.98/wmt | FY27 guidance US$20.50 to US$21.75 |
| Realised hematite price | US$79.79/dmt | US$88.86 pcp |
| Net debt | US$2.8bn | Cash US$3.2bn |
Sales came to 42.9 million tonnes, 3.9 million tonnes below shipments, as Fortescue held back product during negotiations with China Mineral Resources Group. The company expects inventory to build by a further 4 to 5 million tonnes in October. Fortescue said it “remains focused on good faith negotiations” and added: “If negotiations with CMRG are not concluded by calendar year-end, operations may be affected.”
Hematite C1 costs rose to US$21.98 per wet metric tonne from US$18.17 a year earlier, above the top of FY27 guidance of US$20.50 to US$21.75. The realised hematite price fell to US$79.79 per dry metric tonne from US$88.86, or 82% of the Platts 61% CFR index average of US$96.92. Iron Bridge concentrate realised US$111.09 per dry metric tonne.
Cash fell to US$3.2 billion from US$5.1 billion at 30 June and net debt rose to US$2.8 billion. Over the quarter Fortescue paid the US$1.0 billion FY26 final dividend, spent US$916 million on capex and investments, and tied up working capital in unsold inventory.
FY27 guidance stands at 197 to 207 million tonnes of shipments, including 11 to 14 million tonnes from Iron Bridge, C1 costs of US$20.50 to US$21.75 per wet metric tonne and metals capex of US$3.7 to US$4.7 billion, subject to the outcome of the CMRG talks. On the energy side, the Green Metal Project produced first hot metal, turbines for the 133MW Nullagine wind project have arrived and 21 electric excavators are operating. Chief executive Dino Otranto said, “Our electric excavators are already delivering greater productivity than their diesel equivalents.”
