Headline: Fortescue Reports Record Iron Ore Shipments in Q1

Fortescue, the world's fourth-largest iron ore producer, reported a 4% increase in first-quarter iron ore shipments but highlighted rising costs at its mines, with realized prices falling and shares dropping to a two-week low. Shipments reached a record 47.7 million tons in the first quarter as production ramped up, expecting full capacity at the Iron Bridge project in Western Australia's Pilbara region by next year. However, Fortescue noted that hematite production costs rose 12% from the previous year to $20.16 per ton due to mining ore with higher waste rock levels, and realized prices fell to $83 per ton this quarter from $100 per ton a year earlier. The miner's shares dropped as much as 3.4% in early trading to 19.09 Australian Dollars, preparing for the weakest session since October 8. Fortescue maintained its outlook on iron ore shipments and annual cost expectations of $18.50 to $19.75 per ton, and still expects capital expenditure between $3.2 billion and $3.8 billion for the 2025 fiscal year.