Australian miner Fortescue Metals Group produced 62.7 million tonnes of iron ore in the first quarter of fiscal 2026-27, up 4% year on year. Shipments fell 6% to 46.8 million tonnes.
Sales totalled 42.9 million tonnes, 3.9 million tonnes below shipments. Fortescue said the gap reflected ongoing negotiations with China Mineral Resources Group (CMRG). The company expects inventories to rise by a further 4–5 million tonnes in October. If talks with CMRG are not concluded by year-end, Fortescue warned, its operations, including production levels, could be affected.
During the quarter, Fortescue completed planned maintenance at its port operations and replaced critical infrastructure. It raised the mineral resource estimate for its Blacksmith project by 153% to 615 million tonnes and reported a maiden ore reserve of 196 million tonnes, with an average iron grade of 58%. The company also produced its first hot metal at the Green Metal Project at Christmas Creek using its electric smelting process.
Fortescue’s shipment guidance for the full financial year is 197–207 million tonnes, including 11–14 million tonnes from Iron Bridge. The outlook remains subject to the outcome of negotiations with CMRG.
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