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