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Fortescue in record-high shipping year

Australian mining giant Fortescue has published its annual report for the fiscal year 2013/14, where the company's mining and shipping activities reached record-highs. The order for a total of eight VLOCs has now been confirmed.

The world's fourth largest mining company, Australian Fortescue, has grown to record-highs in shipping, mining activities and processing in the past fiscal year. Fortescue operates with a displaced fiscal year, which means that these record-high activities were achieved in the second half of 2013 and the first half of 2014.

"Fortescue delivered record mining, processing and shipping volumes for the year. Total shipments increased to 124.2mt, 54 percent higher than the prior year, and comprised 119.9 million Fortescue equity tonnes and 4.3 million third party tonnes. Total ore mined increased by 48 percent to 140.4mt, as operations ramped up across the Chichester and the Solomon Hubs," says Fortescue in the annual report.

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