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Fortescue Metals exceeds FY'16 shipping guidance

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Fortescue Metals exceeds FY'16 shipping guidance

Iron ore producer Fortescue Metals Group Ltd. confirmed that it hasexceeded its 165 million-tonne shipping guidance for the fiscal year ended June 30,with shipments totaling 169.4 million tonnes, the company said in a July 13statement issued in response to speculation regarding its annual production.

The first indication of Fortescue beating its annualshipment target was data from Port Hedland that showed the port achieved a newshipment record in June.

Upon releasing its third-quarter production report in April,the company already said its shipments have been of target due to theunseasonal mild weather in the March quarter. Fortescue also noted thatpotential upside to its full-year guidance remained subject to the weather inthe June quarter.

The company expects to issue the full details of itsJune-quarter production report July 27.