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Fortescue to run mines at full speed as annual profit jumps 57 pct

Iron ore miner Fortescue Metals Group posted a record annual profit on Wednesday, and set a production target of 155 million to 160 million tonnes in fiscal 2015, signalling it will run its mines at maximum capacity.

Fortescue said its net profit for the year ending June 30, 2014 rose 57 percent to $2.7 billion.

Australia’s No. 3 iron ore miner said its average selling cost fell $8 per tonne over the year to $106 a tonne, but cash operating costs fell 23 percent.

Source: Reuters

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