Fortescue iron ore shipments rise; scraps US, Aussie green hydrogen projects
The Perth-based company said it would not proceed with its Arizona Hydrogen Project in the U.S. and the PEM50 Project in Gladstone, Australia, following a review. It is assessing options to repurpose the land and assets.
Fortescue also expects a preliminary pre-tax writedown of about $150 million in its second-half results, linked to spending on the PEM50 Project, electrolyser manufacturing equipment in Gladstone, and engineering costs for the Arizona Hydrogen Project.
The mining giant expects to ship between 195 million and 205 million metric tons of iron ore in fiscal 2026, including 10 million to 12 million tons for Iron Bridge on a 100% basis.
Iron Bridge is Fortescue's sole magnetite operation, located in Western Australia's Pilbara region.
The company forecast metals capital expenditure of $3.3 billion to $4 billion in fiscal 2026.
It posted quarterly iron ore shipments of 55.2 million metric tons (Mt), up from 53.7 Mt a year earlier and above a Visible Alpha estimate of 52.5 Mt, supported by improved processing of the steel-making commodity.
Fortescue, chaired by billionaire founder Andrew Forrest, shipped 198.4 Mt of iron ore in fiscal 2025 - its highest on record - and met the top end of its 190–200 Mt annual guidance.
Larger rival BHP (BHP.AX), opens new tab last week reported record copper output in fiscal 2025 while iron ore mining giant Rio Tinto (RIO.AX), opens new tab logged its strongest second-quarter iron ore production since 2018.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
an hour ago
- The Guardian
Sydney and Toronto had equivalent home prices, then Canada's crashed. Could Australia see a similar slump?
At the start of 2022, the typical house in Australia and Canada was worth about $840,000 in each country's local currency. Australian city prices have climbed by about A$85,000 over the subsequent three years, while Canadian prices have crashed by C$150,000, leaving the median Canadian home nearly 20% cheaper. The Canadian correction has raised questions over whether properties in Australia, economically comparable to its Commonwealth comrade, could face a similar selldown. Borrowers in both countries enjoyed low interest rates in 2020 and 2021, driving up prices. Australia's most expensive city, Sydney, saw median values surge A$250,000 from 2020 to early 2022, reaching nearly A$1.2m. Overheated demand drove prices far higher in Toronto, Canada's biggest city, up by A$400,000 to a peak of C$1.3m over the same period, according to the Canadian Real Estate Association (CREA). Canada's central bank responded by ratcheting up interest rates while the government banned foreign buyers and curbed immigration, sending prices into freefall. Toronto's median price fell below C$1.1m and is yet to recover. Toronto's pandemic buying boom saw home sales surge in 2021 then halve by 2023 as high numbers of homes arrived on the market simultaneously, further dragging down prices. Demand slumped further as locals fled Toronto for more affordable towns with the advent of remote work. Sign up: AU Breaking News email Tyson Erlick's landlord clients at Property Management Toronto had been excited by surging home prices back in 2021. One investor paid C$1m for a sub-50 square metre flat in downtown Toronto's Yorkville neighbourhood that's now worth about C$700,000. 'We're seeing a lot of landlords panic,' Erlick said. 'You're now looking at a mega loss.' Sydney endured a brief slump but resumed its upward climb by early 2023, with rents and home prices rising as a growing population grappled with a shortage of homes. Rents in Toronto, already constrained by local government rent caps, have fallen on average since 2023. Homebuyers are taking out smaller mortgages on houses and apartments, or condominiums, as they're called in Canada. Greater Toronto resident Dave, who lives 70km from the city centre, bought a condo for a $100,000 discount in July 2024 after the previous owners struggled to sell. 'There are so many condominiums that they can't sell,' said Dave, who asked for his surname not to be shared. 'We were lucky.' The improved affordability in Canada has raised the prospect a similar slump could happen in Australia. Both countries saw a rare nationwide price drop when interest rate hikes in 2022 limited borrowing power, though Australians faced slower and smaller rate increases. Along with surging migration and strong job creation, smaller rate hikes kept Australian prices from falling more than 10%, according to Eliza Owen, head of research at property data firm Cotality. 'As long as Australians can keep paying their mortgage and they don't have to sell, that will always restrict supply [and] limit the amount that property values can fall,' she said. Australian home values have kept rising through 2025, up 3.7% in the year to July according to Cotality, and Commonwealth Bank analysts predict that pace will reach 6% by December. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion An economic shock and blowout in the unemployment rate would be a direct but damaging way for that momentum to reverse, Owen said. 'That technically would make housing cheaper, but it doesn't necessarily make housing more affordable if a crash is coming alongside severe economic downturn [and] people really can't afford to buy,' she said. Donald Trump's tariff threats, for example, have prolonged Canada's crash by pushing more Canadians out of work, leaving buyers without incomes and unable to pay off their mortgages. Data released at the end of July showed Canada's economic activity had fallen for two consecutive months as it grappled with US trade chaos. The same day, Trump lifted tariff rates on Canadian goods from 25% to 35%. The number of unemployed Canadians reached 1.6 million and the national unemployment rate climbed to 7% in May, from 5% in early 2023. The share of Canadians more than 90 days behind on mortgage repayments remains small but has doubled since 2022, much faster than in Australia. Tariffs have had a muted impact on the Australian economy, where the jobs market remains robust, unemployment has only risen to 4.3% and mortgage arrears remain at modest levels. While Sydney's unemployment rate remains low, at 4.5%, Toronto's is nearly than double that, approaching 9%, leaving fewer locals with the incomes to take advantage of a slight improvement on the city's still-unaffordable homes, according to the renters advocate Bruno Dobrusin. 'The vast majority are still struggling with increasing rents, without the capacity to benefit from the slowdown of home prices,' said Dobrusin, organiser at the York South-Weston neighbourhood's tenant union. Housing in both countries is already too far out of reach for price corrections to help affordability, according to Carolyn Whitzman, a housing researcher and adjunct professor at the University of Toronto. 'It is nice to see a little bit of a correction in what has been such a steady and frightening upward climb,' said Whitzman, who has lived in Toronto and Melbourne. '[But] if a house is 300% too expensive, and goes down by 20%, it still isn't going to help you.' Economists do not expect a near-term slump in Australian house prices, which are accelerating amid rate cuts and supply shortages. While Canada's temporary price correction will not solve its affordability, it should remind Australians real estate is not immune to a drop, Whitzman said. 'Both Australia and Canada started to believe that it was impossible that house prices ever fall [but] at some point house prices have to fall,' Whitzman said.
Daily Mail
3 hours ago
- Daily Mail
Australia's most acid-tongued food critic gloats after viral restaurant that blacklisted him collapses
Veteran food critic John Lethlean has joked he was 'shattered' to learn a Melbourne restaurant whose owner once blacklisted him has entered administration. Iconic Thornbury Italian venue 1800 Lasagne this month entered into voluntary administration - five years after its owner John Kellock set up shop on High Street. In a post to social media on Tuesday, the hatted restaurant shared a 'heartfelt message' advising it would restructure while remaining open for service, the latest addition to the many casualties of Melbourne's embattled hospitality sector. It was a sombre update for the city's lasagne lovers - the restaurant had become extremely popular during Covid for it's late-night home delivery. Lethlean was among those who claimed to be heartbroken by the news, though his sincerity seemed tongue-in-cheek, given the fact he was barred from the restaurant over a controversial food review. 'Shattered by the news the company behind 1800 Lasagne has gone into administration,' he wrote to Instagram. Alongside the post, he shared an image of a coaster printed by the restaurant in 2023 reading: 'Management reserves the right to refuse entry to John Lethlean'. 1800 Lasagne had printed the coasters in response to an Instagram post by Lethlean promoting a review he wrote for food magazine Delicious on Perth restaurant Shui. The review caused widespread backlash. 'The maitre d'/meet and greeter wears an outfit that threatens to expose more than just her inexperience when she bends over to set a table,' Lethlean had written. It immediately landed him in hot water - with prominent critics deriding his language as inappropriate, including Mr Kellock, 1800 Lasagne's owner. 'I would protect my staff to the death from someone who was commenting on what they were wearing,' Mr Kellock told the Sydney Morning Herald's CBD column. 'He [Lethlean] wasn't reading the room, he wasn't in the room, he wasn't even in the house that the room is in, he's so far out of touch.' The long-time reviewer for The Australian apologised for causing offence before doubling-down, claiming his testimony was appropriately unflinching. 'Restaurant reviewing is about observation, commentary and the reader. I conveyed what I observed,' he told the newspaper. 'I don't write for the industry, I write for consumers, and if a few of the so-called journalists in this space did the same, they might have long careers too.' With more than two decades writing for major Australian newspapers and magazines, Lethlean has seen countless restaurants come and go. 1800 Lasagne has entered into voluntary administration five years after its owner John Kellock (pictured) set up shop on High Street His one-star review of legendary chef Cheong Liew's The Grange in 2008 contributed to its closure the following year. Lethlean also didn't hold back when the famed King Island Dairy announced it's closure last year. 'The cheeses have always been rubbish and this so-called brie I have here… completely devoid of any character whatsoever unless all you're looking for in a soft, white mould cheese is industrial salt,' he wrote. It's hardly surprising, then, his sympathy would be in short supply for one whose owner was happy enough to wade into a controversy of his own. In 2021, as lockdowns put swathes of the country's hospitality sector on ice, Lethlean wrote for The Australian that lasagne had emerged as the era-defining food. 'One Melbourne home-delivery lasagne guy, 1800 Lasagne, did so well last year that he's now got the readies to go bricks-and-mortar with his own lasagne-dedicated restaurant,' he wrote. He closed with a prayer that lasagne wouldn't become the 'dish that defines the whole decade' and, with the update from High Street, it seems it may have been answered. It is not clear what precipitated 1800 Lasagne's entry into voluntary administration, but it said its trading hours and delivery options remained unchanged. '1800 Lasagne has always been about people, passion, and plates of love - and that hasn't changed,' it said. 'We're grateful for the support of our incredible community and encourage everyone to keep showing love and support to local hospitality.'
Daily Mail
3 hours ago
- Daily Mail
The extraordinary fortune Shane Warne left his three children - as son Jackson embarks on new career inspired by his dad
Shane Warne left behind a sizeable inheritance for his children after his tragic death in 2022. Warne's final will, drafted just months before he died, revealed that the cricketer had amassed an incredible $20.7 million fortune. His children, Brooke, 28, Jackson, 26, Summer, 23, each inherited just under a third of their father's assets - about $6.41 million each. Warne requested his prized $375,500 vehicle collection - including a BMW, Mercedes-Benz and a Yamaha motorbike - to be left to his son and 'best mate' Jackson. Warne's estate included $5 million in his Australian bank account, $514,000 in an overseas account, a $6.5 million seaside Melbourne home, close to $3 million in shares, and $2 million in personal belongings including a jet ski. The athlete had spun his stellar cricketing talent and massive personality into a hugely successful business career after his retirement from the sport in 2007. In 2019, he founded a gin distillery named 708 Gin, produced in Western Australia. One of his tipples won the gold medal at the Australian Gin Awards that year. In August 2020, Warne launched a fragrance called SW23, a mix of his initials and the number he wore playing cricket for Australia. He bought, renovated and sold at least five homes in trendy Brighton, Melbourne - in one case buying and selling a mansion twice between 2001 and 2018 and earning $18.8 million. Another property he bought for $3.7 million in 2007 and sold for $6.7 million two years later, while he made a similar profit on a $7.5 million property, which he sold for $10.8 million four years later. Warne also has an apartment in the $540 million dollar Saint Moritz complex in St Kilda, which he is said to have purchased in 2018 for $5.4 million. With 93 per cent of his $20,711,013.27 assets going to his three children, the remaining seven per cent was distributed among his brother Jason (two per cent) and his brother's children, Sebastian and Tyla (two and a half per cent each). His ex-wife Simone Callahan, who he was married to for 15 years, was not listed in the will. It comes after Jackson revealed how his new career move is 'therapy' to help him cope with the loss of his father. He has launched his new podcast, Warnes Way, and explains how he pays tribute to his dad on set. 'We've got a studio we've set up which is in dad's old office so it feels like he's there,' Jackson told the Herald Sun. 'We've got all his memorabilia, his book, his ashtray, it's really special.' Jackson says that he and his dad had originally planned to do a father-and-son podcast together back in 2018, but it never happened. With guests who knew his dad - such as Eddie McGuire and Mark Howard - Jackson says the podcast has served as a means of healing his grief. 'I'm also treating it as a bit of therapy for me,' the professional poker player said. 'I don't see a therapist, but when I talk to people like Mark Howard and Eddie McGuire it's so personal and we talk about stories with dad.' Jackson announced the new podcast in an Instagram post earlier this week. 'First episode goes live Monday the 11th of August. Listen and watch on YouTube and Spotify,' he explained in his caption. Guests will include Aaron Finch and Andrew Bassat. The podcast is edited and filmed by Jackson's girlfriend, Kiah Broadsmith. Legendary cricketer Shane Warne
