Due to falling iron ore prices and rising operating costs, Australia’s mining company Fortescue Metals Group (FMG) saw its net profit for fiscal year 2022 drop by 40%, though it still remained the second-highest level in the company’s history. Last year, thanks to stronger iron ore prices, FMG’s profits had surged to a record high.
　　During the reporting period, FMG Group achieved revenue of US$17.4 billion, a 22% decrease from US$22.3 billion in the same period last year; net profit amounted to US$6.2 billion, down 40% from US$10.3 billion in the same period last year. Basic earnings per share were US$2.01.
　　In fiscal year 2022, FMG Group’s iron ore shipments reached a record high of 189 million tons, yet the group faced the challenge of weakening iron ore prices. In fiscal year 2022, FMG Group’s average selling price for iron ore was US$100 per ton, compared to US$135 per ton in the same period last year.
　　Meanwhile, FMG Group is also working hard to address the issue of rising costs. The company reported that its production costs have increased by 14%, primarily due to higher labor costs, diesel prices, and the prices of other consumables. (China Coal Resource Network)