Fortescue’s rolling twelve month total recordable injury frequency rate (TRIFR) was 4.3 at the end of the June 2016 quarter, a 15 per cent reduction over the prior financial year. This reduction is an important milestone on the journey towards zero injuries.
Mining, processing, rail and shipping continued to perform well reflecting the sustainability of productivity and efficiency measures. Underlying cost reductions achieved during the quarter were offset by higher exchange rates and fuel prices resulting in a US$13.10/wmt C1 cost in the month of June 2016. During the quarter, the Solomon Autonomous Haulage System fleet safely transported the 200 millionth tonne of material using driverless trucks.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
