(Kitco News) - Australia’s third-largest iron ore miner posted a profit of $6.2 billion in the 2021–22 financial year (FY22), down from $10.3 billion in FY21. While the profit was down 40 percent Y/Y, it still represents the second-highest earnings result in the firm's history.
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
The price for iron ore is currently hovering around $108 per tonne after a high of almost $160 per tonne in March 2022. Fortescue said the 189 wet metrics million tonnes of iron ore it shipped in FY22 “exceeded the top end of guidance” and was a major contributor to the bottom line. The profits also mean a windfall dividend for Fortescue shareholders, with the chairman – and major shareholder – Andrew Forrest taking home $2.34 billion. She added “Reflecting our ongoing commitment to delivering enhanced shareholder returns, the Board has declared a fully franked final dividend of $1.21 per share, bringing total dividends declared for FY22 to $2.07 per share,” Gaines said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian Association of Journalists worried about editorial interference by management at CTV National News | CBC NewsThe Canadian Association of Journalists (CAJ) said it has concerns about journalistic freedom at CTV National News, the Bell-owned network's nightly newscast that has been the focus of scrutiny following the departure of chief anchor Lisa LaFlamme.
Read more »
Gold and silver move lower heading into the European open(Kitco News) - Following the hawkish rhetoric last week from Powell gold has started this week on the back foot. The yellow metal is 0.79% lower at the start of the session. Silver is also struggling and trades 1.65% lower at $18.57/oz. Elsewhere in the commodities complex, copper (-2.74%) has also dropped but spot WTI is 0.46% in the black.
Read more »