Fortescue underlines strong financial results

On the back of its “best ever” half-year performance, Fortescue has released more detail into what made its performance so ground-breaking.

The company achieved a total recordable frequency rate (TRIFR) of 1.8 for the 12 months to December 31 2022, which was consistent with December 2021.

Fortescue enjoyed record half-year iron ore shipments of 969 million tonnes and net profit after tax of $US2.4 billion.

“We are one of the highest returning companies on the ASX over 20 years,” Fortescue executive chairman Andrew Forrest said.

“We have consistently delivered returns to our shareholders and building on the more than $US22 billion paid, today we have announced a fully franked interim dividend of $0.75 per share.”

The Belinga project in Gabon will also be advanced as the company is implementing a production plan. In the plan, iron ore should be shipped in 2023.

“This is possible because we are using an existing road and rail infrastructure which limits the possibility of environmental delays,” Forrest said.

“This necessary equipment, which normally has very long lead times, is available to Fortescue now, utilising residual crushing and screening plant, haul trucks, rail cars and our own locomotives.

“We have also switched on the world’s first green iron facility through an electrolyser and expanded our major automation centre and Green Fleet Tech Hub in WA, which has been responsible for the breakthroughs our company has made in zero-pollution trucks and mobile equipment, train and ship engines.

“Remarkably, over this period of growth we have reduced our debt and improved on what was already a very strong balance sheet, while continuing to create value for all our stakeholders, including our shareholders.”

Australian Mining.

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