Fortescue has broken through the 200 million tonne threshold for the first time, delivering record annual iron ore shipments of 201.3 million tonnes (Mt) for the 2026 fiscal year despite global cost pressures.
A strong final quarter output of 52.7Mt sealed the landmark full-year performance, supported by a 27 per cent surge in high-grade Iron Bridge Concentrate shipments to 9Mt.
“Breaking through 200 million tonnes of shipments for the first time is a significant achievement and a credit to every person across the business,” Fortescue CEO Dino Otranto said.
“Results like this don’t happen by accident. They reflect our values in action and an unwavering focus on safer, more efficient operations.”
Disciplined operating practices kept Fortescue’s full-year Hematite C1 unit cost to US$18.74 per wet metric tonne, landing neatly within market guidance despite rising energy and diesel prices. The miner achieved an average realised Hematite price of US$91 per dry metric tonne across fiscal 2026.
Strong cash flow generation pushed Fortescue’s cash balance to US$5.1 billion (AU$7.8 billion), leaving net debt at US$0.8 billion after absorbing US$3.6 billion in annual capital expenditure.
However, the rapid output surge came alongside a balance sheet adjustment. Fortescue confirmed it will recognise a non-cash post-tax impairment charge of approximately US$525 million on its Iron Bridge asset in its final FY26 results, following a review of the magnetite project’s revised ramp-up schedule.
Looking ahead, Fortescue outlined fiscal 2027 shipment guidance of between 197Mt and 207Mt, including 11Mt to 14Mt from Iron Bridge. Hematite C1 unit costs are projected at US$20.50 to US$21.75 per tonne.
The green transition also accelerated across the Pilbara, with construction commencing on the 690MW Turner River solar farm, the final solar build required to hit Fortescue’s Real Zero operational decarbonisation target.
“We continue to rapidly roll out our green grid in the Pilbara,” Otranto said.
“Ongoing volatility in global diesel prices only reinforces the commercial case for eliminating fossil fuels from our operations.”
“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.”
