Fortescue is out with its September production report and it’s very solid again:
Fortescue has released its September 2016 quarterly production results, reporting shipments of 43.8 million tonnes of iron ore consistent with guidance and prior performance. Cash production costs (C1) improved to US$13.55 per wet metric tonne (wmt), a reduction of five per cent compared to the June 2016 quarter and 20 per cent over the prior twelve months.
During the quarter Fortescue repaid US$700 million of debt and reduced net debt to US$4.2 billion inclusive of US$1.8 billion cash and finance leases of US$0.5 billion.
