Fortescue Reshapes Projects' Economics With Blacksmith Project, Says Jefferies

MT Newswires Live

Oct 24

Fortescue's (ASX:FMG) inclusion of the recently acquired, Western Australia-based Blacksmith Project into the Hematite life of mine plan drives a "significant" reshaping of projects' economics for the company as it delivers lower strip ratios, albeit associated with lower product grades, said Jefferies in a Thursday note.

The company on Thursday reported total iron ore shipments of 49.7 million tonnes during the first fiscal quarter, up from the year-earlier quarter's iron ore shipments of 47.7 million tonnes.

The investment firm noted that the company's revised hematite life of mine plan will cut material movement with long-term strip ratio trending to 1.6 and lower costs.

Jefferies maintained a hold rating on Fortescue and raised its price target to AU$18 from AU$17.50.

Fortescue's shares fell almost 2% in recent Friday trade but earlier hit their highest since July 2024.

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