Depressed prices for lower-grade iron ore, and Fortescue's share price decline, sees value emerging.
No-moat-rated Fortescue's fiscal 2018 net profit fell 58% to USD 879 million compared with fiscal 2017. The result was weaker than we had forecast, a function of lower sales revenue and higher costs, including USD 289 million of costs associated with the early repayment of debt. The fall almost entirely reflects the lower realised iron ore price of USD 44 per tonne, down 17% on the average of USD 53 per tonne in fiscal 2017. Fortescue's lower realised price was due to the widening discount for l...Fortescue Metals Group is an iron ore producer. As of June 30 2016, Co.'s operations had four mine sites in the Pilbara. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges and the Solomon Hub, in the Hamersley Ranges, includes the Firetail and Kings Valley mines. Co. owns and operates an integrated supply chain including its Herb Elliott Port in Port Hedland and a heavy haul railway with over 620km of track. As of June 30 2016, Co.'s total hematite ore proved and probable reserves were 2.17 billion tonnes. Also, as of June 30 2016, Co.'s total magnetite ore proved and probable reserves were 705.0 million tonnes.
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