Fortescue Metals Group: Steady result but guidance on the soft side

About the author:

Adrian Prendergast
Author name:
By Adrian Prendergast
Job title:
Senior Analyst
Date posted:
28 July 2023, 8:00 AM
Sectors Covered:
Mining, Energy

  • Fortescue Metals Group (ASX:FMG) posted an in-line 4Q23 result in terms of shipments, pricing and costs.
  • FY23 shipments totalled 192mt, coming in at the top end of guidance.
  • C1 costs again impressed, tracking ahead of some larger competition.
  • FMG is excited about its Belinga project in Gabon, with first shipment expected by CY23 year end. But we see a lot more work to be done on the project.
  • FY24 guidance was given with total shipments of 192-197mt, C1 costs of US$18.00-19.00/wmt, and capital expenditure of US$2.8-$3.2bn.
  • We maintain our Reduce rating with a Target Price of (login to view).

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