Fortescue Metals Group Ltd (Fortescue) is primarily engaged in the exploration, development, production, processing and sale of iron ore. Founded in 2003, Fortescue owns and operates the Chichester and Solomon iron ore mine hubs, the five-berth Herb Elliott Port and Judith Street Harbour towage facility in Port Hedland, Western Australia and a heavy haul railway system.
In its 2019 annual report, the company stated it was "consistently shipping around 170 million tonnes of iron ore per annum (mtpa), Fortescue is the lowest cost provider of seaborne iron ore to China." For the financial year end 30 June 2019, Fortescue employed 5,005 people throughout its operations (Source: WGEA).
Fortescue Metals Group Ltd is listed on the Australian Securities Exchange (ASX) under the code FMG.
Iron ore - The company primarily explores for, develops, produces, processes and sells iron ore. For the financial year ending 30 June 2019, the iron ore segment accounted for 88.17% (USD 8,786 million) of total revenue.
Shipping - Fortescue owns a fleet of eight (8) Ore Carriers which are designed to complement its port infrastructure and delivers approximately 14% of Fortescue’s shipping requirements. Fortescue also has a fleet of tug boats and the associated towage infrastructure. The company’s tug fleet provides towage services for its own operations and also provides additional towage capacity for all Port Hedland users. For the financial year ending 30 June 2019, the shipping segment accounted for 11.81% (USD 1,177 million) of total revenue.
Other - For the financial year ending 30 June 2019, other accounted for 0.02% (USD 2 million) of total revenue.
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