iron ore producer ford river's net profit for fiscal year 2024 is us$5.7 billion, and the green iron project officially started
2024-08-29
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the latest performance report released by fortescue, one of the world's largest iron ore producers, shows that in the 2024 fiscal year ending june 30, 2024, the company's basic ebitda will be us$10.7 billion, 7% higher than the 2023 fiscal year (year-on-year), and the basic ebitda margin will be 59%. net profit after tax (npat) is us$5.7 billion, 3% higher than the same period last year, and earnings per share are us$1.85 (a$2.82).
the company reported net cash flow from operating activities of $7.9 billion, and free cash flow of $5.1 billion after deducting $2.9 billion in capital expenditures. the balance sheet showed that as of june 30, the company held $4.9 billion in cash and net debt of $500 million. total debt was 0.5 times basic ebitda in the previous 12 months, and the total debt ratio was 22%.
it is worth noting that fords river's iron ore shipments for the full year of fiscal year 2024 reached 191.6 million tons, which is the third highest revenue record since the company was founded. this is mainly due to the expansion of the operation scale of its iron bridge project in australia.
the report shows that the company's average hematite sales price increased by 8% to us$103/dry ton, bringing sales revenue to us$18.2 billion in fiscal 2024, an increase of 8% year-on-year. at the same time, due to increased labor costs and rising costs caused by mining plans, the c1 cash cost of hematite is us$18.24/wet ton, 4% higher than the same period last year.
ford river also disclosed that the company's guidance targets for fiscal year 2025 are: iron ore shipments of 190 million tons to 200 million tons, including 5 million tons to 9 million tons of the iron bridge project (calculated at 100%); hematite c1 cash cost of us$18.50-19.75/wet ton; capital expenditure of the metal business of us$3.2 billion to us$3.8 billion; net operating expenditure of the energy business of approximately us$700 million, and capital expenditure of approximately us$500 million.
dino otranto, ceo of fords river metals, said: "in fiscal 2024, we celebrated many important milestones, including the production of the first iron ore from the flying fish and hall hub mines, and the successful commissioning of our gaseous and liquid hydrogen production plant, which is the largest of its kind operating at a mine in australia. the hydrogen produced by this hydrogen production plant will be used in our green ferrite project, where civil works broke ground earlier this month."
xia zhicheng, ceo of fords river's energy business, said that the company is firmly committed to the green energy transition and has made substantial progress. "this fiscal year, our first energy project passed the final investment decision. our green hydrogen project in the united states, the arizona hydrogen project, has broken ground, and our gladstone pem50 project is also progressing. this is a 50-megawatt green hydrogen project that will use fords river's independently developed electrolyzer technology. in addition, as the holmaneset project in norway and the pecém project in brazil have entered the feasibility study stage, our board of directors has approved the decision to accelerate the advancement of these two projects."
he further added, “our electrolyser centre in queensland officially started production earlier this year and we have already started selling our electrolyser systems. this technology and other fords river zero carbon products and solutions we have developed are critical to the work we are doing. these technologies and solutions will not only help our own mining operations to decarbonize by 2030, but will also be supplied to more customers to help them eliminate carbon emissions.”
it is worth noting that on august 16, fords river's green ferrite project in the pilbara region of western australia officially started construction, marking a new milestone in its establishment of a green ferrite supply chain. the project is located in the green energy hub of the christmas creek mining area and is scheduled to be put into production in 2025, with an estimated annual production of more than 1,500 tons of green ferrite.
the green ferrite project will use green hydrogen produced by the fords river hydrogen plant and an electric furnace to produce high-purity green ferrite, which will be suitable for most steel mills around the world. it is worth mentioning that the fords river hydrogen plant is currently the largest hydrogen production plant in australia, which can produce gaseous and liquid hydrogen.
it is worth mentioning that on june 18, local time, during his visit to australia, premier li qiang visited fords river's green technology r&d and testing base in hazemel. this was the first visit by a senior chinese government leader since fords river was established.
dr. andrew forrest, executive chairman of fords river, said at the time that the company was committed to enhancing cooperation with chinese business partners and would make full use of australia's abundant solar and wind energy resources, the technical strength of chinese green equipment manufacturers, and fords river's green technology and iron ore resources to build a supply chain to provide green iron elements to china. this supply chain will use iron ore and green hydrogen produced by large-scale renewable energy to produce green iron elements.
fords river has high hopes for the green iron supply chain, and its goal is to work with chinese partners to supply 100 million tons of green iron to china each year. dino previously told the paper (www.thepaper.cn) that "the prime minister's visit provides an important opportunity for australia and china to work together to build an australia-china green iron supply chain in addition to the fords river advanced green iron ore development project."
dino believes that "with the strong support of the chinese government, through the innovation and cooperation of government departments in the industrial and technological fields of the two countries, the australia-china green iron supply chain will create huge economic and environmental value for both countries."
fords river is one of the world's largest iron ore producers, headquartered in western australia. currently, the company is transforming into a global green technology, resources and energy company. since the first batch of iron ore arrived in china in 2008, fords river has exported nearly 1.9 billion tons of iron ore to china, becoming one of china's core suppliers of seaborne iron ore.
thepaper.cn reporter he liping
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