This morning in metals news, Australian miner Fortescue reported financial results for the first half of fiscal year 2020, Chinese iron ore futures rise and the LME primary three-month aluminum price slides.
Fortescue revenues up 83%
Australian miner Fortescue recently reported its financial results for the first half of fiscal year 2020, reporting revenues of $6.5 billion (up 83% from 1H FY 2019).
The miner reported net profit after tax of $2.5 billion, up 281% from the same period the previous fiscal year.
“Fortescue’s excellent results for the first half of FY20 include record production and shipments across the operations generating half year revenue of US$6.5 billion at an average realised price of US$80/dmt for the half year, 73 per cent higher than the prior comparable period,” CEO Elizabeth Gaines said. “We are continuing to generate strong margins, driven by our industry leading cost position and product strategy, resulting in a 281 per cent increase in net profit after tax to US$2.5 billion, delivering outstanding shareholder returns.”
Gaines added the miner is investing $700 million in “energy transmission infrastructure and solar-gas hybrid generation, to optimise existing assets and deliver low cost power to the Iron Bridge project.”
Chinese iron ore futures rise
Sticking with iron ore, Chinese iron ore futures have surged to a 1 1/2-month high, Reuters reported.
The most-traded iron ore contract on the Dalian Commodity Exchange rose as much as 2.0% on Monday, Reuters reported, to 683.50 yuan per ton ($97.29).
Aluminum prices slide
Meanwhile, the LME primary three-month price has been on the slide over the last month.
LME primary three-month aluminum fell to $1,703/mt as of Friday, down 6.38% from a month ago, according to MetalMiner IndX data.