Fortescue hits ‘operational excellence’ in FY26 to support building Real Zero pathway
Fortescue has delivered a record year of iron ore shipments, surpassing over 200 million tonnes for the first time, whilst continuing to advance its green energy strategy across operations in Western Australia.
The company shipped 201.3 million tonnes of iron ore in the 2025/26 financial year (FY26), following a record June quarter of 52.7 million tonnes. The result included 192.3 million tonnes of Hematite shipments and nine million tonnes of Iron Bridge concentrate, which increased 27 per cent compared with the previous year.
Fortescue metals and operations chief executive officer Dino Otranto said the milestone reflected the performance of the company’s integrated mining, processing, rail and port operations.
“Breaking through 200 million tonnes of shipments for the first time is a significant achievement and a credit to every person across the business,” Otranto said in a statement.
Strong cost control helped Fortescue deliver a Hematite C1 unit cost of $US18.74 per wet metric tonne for FY26, within guidance despite ongoing inflationary pressures and elevated energy costs.
The company, describing recent activities in the June quarter as showing “operational excellence”, ended the financial year with a cash balance of $US5.1 billion ($7.25 billion) and net debt of $1.1 billion, after investing $5.1 billion in capital expenditure.
Iron Bridge continued to ramp up, delivering nine million tonnes of concentrate during the year. Fortescue said the operation remains an important growth asset, with FY27 shipment guidance of 11–14 million tonnes on a 100 per cent basis.
Alongside operational performance, Fortescue continued its investment in decarbonisation, commencing construction of the 690-megawatt Turner River solar farm, the final solar project required to support its Real Zero target.
“The green grid will also create opportunities for new industries to grow. We see a real pathway to supply renewable energy beyond our own operations,” Otranto said.
The company also progressed its green energy network, electric mining equipment rollout and Green Metal Project, where first hot metal from its electric smelting furnace is imminent.
Fortescue also announced a new Native Title Agreement and Co-Management Agreement with the Puutu Kunti Kurrama and Pinikura (PKKP) people, providing greater Traditional Owner involvement in mining activities and new economic participation opportunities.
Looking ahead, Fortescue has guided FY27 iron ore shipments of 197–207 million tonnes and Hematite C1 costs of $US20.50–$US21.75 per wet metric tonne as it continues to balance production growth with its long-term transition toward renewable-powered operations.