Australian miner Fortescue Metals (FMG) said in late July that it shipped a record 198.4 million tonnes of iron ore in fiscal 2025 (versus 190–200 Mt guidance, lifting its shares about 5% on July 24. In the fourth quarter alone, Fortescue shipped 55.2 Mt – beating analysts’ forecasts and up from 53.7 Mt a year earlier. The company credited the strong output to significantly lower unit costs, which fell to the lowest level since 2020. Fortescue also announced it is cancelling two planned green-hydrogen projects in the U.S. and Australia, redirecting the capital to bolster core mining operations. Management said these decisions will allow it to maintain a high dividend payout. Despite oil prices easing, Fortescue’s production beat helped it report better-than-expected quarterly results, with analysts noting that the miner is well-positioned to meet both its production and dividend targets. Overall, the record shipments and disciplined cost management underline Fortescue’s operational strength amid global demand for iron ore