Guidance DowngradeIron Bridge is now expected to ship 2Mt of magnetite concentrate in FY24, down from prior 2-4Mt guidance, with commissioning delays and necessary repairs impacting ramp-up speed.
Investment ConcernsSpend levels on projects are running below expectations due to a weaker AUD and slower rollout of the Pilbara decarbonization program.
Production ChallengesFMG reported a weaker-than-expected March quarter with iron ore shipments and realized prices missing expectations, reflecting challenges such as wet weather and a train derailment.