Fortescue C1 costs fall to record low of $12/wmt

Iron-ore producer Fortescue Metals has lowered its cash production costs (C1) to a record low of $12.08 a wet metric tonne (wmt). The C1 compares with $12.15/wmt in the first quarter of the 2018 financial year and $12.54/wmt in the corresponding period of 2017, Australia’s third-largest iron-ore producer after Rio Tinto and BHP Billiton reported on Tuesday.