FMG exports up 28% on year

 Fortescue reported iron ore exports of 40.4 million mt for the March quarter,down 2% from 41.1 million mt in theDecember quarter and up 28% from 31.5 million mt a year earlier. The Perth-basedminer slowed production in the March quarter, drawing down on its stockpiles to reduce working capital.

  The company said its current C1 production costs were around $24/wet mt, but it expected to reduce these to $20/ wmt by the end of June. In the next financial year, starting July 1, the miner  is targeting  C1 costs of $18/wmt. Including freight, royalties, interest and sustaining capital expenditure, Fortescue’s breakeven price target for fiscal 2015-16 is $39/dry mt on a Platts 62% Fe basis.