Shares in iron ore producer Fortescue Metals (ASX:FMG) jumped 3.7% to $3.90 after the company revealed it had exceeded its Q1 production estimates by 9%.
The company produced 10.8 million tonnes of ore during the quarter – a rate which translates to 38 million tonnes per annum (Mtpa) compared to the 35 Mpta previously forecast, Fortescue said.
Production at its flagship Cloudbreak mine increased by 16%.
Fortescue added that it had shipped its 40 millionth tonne of ore, but reached this milestone after Q1 concluded.
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