Fortescue March 2018 Quarterly Production Report

.

Fortescue Metals Group (ASX:FMG) has announced iron ore shipments of almost 39 million tones for the March 2018 quarter.

Ore mined for the quarter was done 7 per cent on the same time last year.

Meantime, total ore shipped was down 2 per cent on the prior corresponding period.

Despite the drop the company says shipments remain on target to achieve 170 milion tones for the 2018 financial year.

Fortescue says mining, processing and shipping was lower than the previous quarter due to cyclone activity impacting port operations and wet weather at its mines.

Shares in Fortescue (ASX:FMG) down 2.88 per cent to $4.54