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Fortescue Metals (FMG) – June Quarter Production

    Home Latest Research Fortescue Metals (FMG) – June Quarter Production
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    Fortescue Metals (FMG) – June Quarter Production

    By admin | Latest Research | 0 comment | 27 July, 2018 | 0

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    Fortescue Metals (FMG) reported June Q results with a record 46.5Mt shipped at US$12.17/wmt C1 vs March Q 44.7Mt @ US$13.14/wmt (-4% shipped Q-o-Q). Operations ran at an annualised rate of ~200Mtpa during the Q. Gross debt decreased to US$4.0bn (from US$4.2bn in March Q), and cash was higher at US$863m (from US$0.6bn in March Q). Price realisation gap to the Platts 62 CFR index narrowed to 37% (down from 38% in Q3FY18 and 34% in Q2FY18). Strip ratios were unchanged at 1.5:1. HOLD recommendation maintained and we revise our target price to $4.75ps (prior $4.88ps).

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