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Australia's Fortescue iron ore exports jump 10% despite price slump

Australian miner Fortescue Metals reports a 10 percent increase in iron ore shipments in the June quarter, even as the World Bank flagged further falls in prices from a supply glutAustralian miner Fortescue Metals Thursday reported a 10 percent increase in iron ore shipments in the June quarter, even as the World Bank flagged further falls in prices from a supply glut. Fortescue, one of the world’s big four iron ore exporters, said the year-on-year increase took ore shipments to 42.4 million tonnes. “Fortescue has completed all expansion capacity and has acted to maximise value by maintaining shipments at 165 (million tonnes per annum) which has been the annualised run rate for the last 12 months,” the miner said in a statement to the Australian stock exchange.

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