Investing.com-- World’s fourth largest iron ore miner Fortescue (ASX:FMG) on Tuesday reported an increase in total iron ore shipments for the third quarter, even as the miner navigated significant weather disruptions.
The Australian miner reported total shipments of 46.1 million tonnes for the March quarter, up 6% from a year earlier.
The increase helped the company post record nine-month shipments of 143.2 million tonnes to March 31, the company said.
Shares of the company rose nearly 2% in early trading, in contrast to a dip in the broader market.
The gains came despite the closure of the Port of Port Hedland for five days due to severe weather and impacts from Tropical Cyclone Zelia on the Iron Bridge project.
The company said it remains on track to meet its full-year shipment guidance of 190-200 million tonnes, reiterating its Fortescue Metals capex of $3.5 billion - $3.8 billion.
Fortescue also completed its A$254 million acquisition of Red Hawk Mining during the quarter, integrating the Blacksmith Iron Ore Project into its life-of-mine plan.