Fortescue production costs to fall even further in FY17

Australia’s third-largest iron-ore producer, Fortescue Metals, has lowered its cash production costs (C1) for the tenth consecutive quarter to $14.31/wmt in the three-months ended June 30, while hitting another shipping record. Fortescue shipped 43.4-million tonnes in the final quarter of the 2016 financial year, which is a 3% increase on the third-quarter shipments and a 2% increase on the shipments of the comparative period in 2015.