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SYDNEY Cheap Kendell Beckwith Jersey , April 13 (Xinhua) -- Australian mining giant Fortescue Metals have reported a sizeable drop in their shipments on Thursday, as poor weather shut down ports and stalled mining operations.
However, it wasn't all bad news for the miner in the last quarter, as they were able to pay down a considerable chunk of their debt, 1 billion U.S. dollars, leaving them with a gross debt position of 4.3 billion U.S. dollars Cheap Chris Godwin Jersey , as of March 31.
The company has a cash on hand balance of 1.5 billion U.S. dollars, and has so far managed to repay 2.7 billion U.S. dollars of debt in the 2017 financial year.
Nev Power, chief executive of Fortescue, said in a statement obtained by Xinhua that despite the setbacks in the quarter, the Australian miner was able to post solid financials, and tracked well in other indicators.
"Our team continued to deliver excellent results with improved safety performance and operating margins Cheap Justin Evans Jersey , compared to our first half results," Power said.
"We remain on track to deliver our guidance of between 165 and 170 million tonnes for the full year."
Power was adamant that his company would continue to focus on paying down their debt position, while investing further capital into their core iron ore business, and maximising shareholder returns.
Fortescue tumbled in early trade this morning, and as of 1028 local time AEST, are down 6.78 percent to sit at 5.50 Australian dollars (4.14 U.S. dollars) per share.
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