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Fortescue shares jump 3% on news of production boom

Fortescue shares jump 3% on news of production boom

Shares in iron ore producer Fortescue Metals (ASX:FMG) jumped 3.7% to $3.90 after the company revealed it had exceeded its Q1 production estimates by 9%.

The company produced 10.8 million tonnes of ore during the quarter – a rate which translates to 38 million tonnes per annum (Mtpa) compared to the 35 Mpta previously forecast, Fortescue said.

Production at its flagship Cloudbreak mine increased by 16%.

Fortescue added that it had shipped its 40 millionth tonne of ore, but reached this milestone after Q1 concluded.

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Tags miningresultsFortescue Metals

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