should be released just hours after iron ore giant Fortescue Metals Group released its December quarter production report.
Gaines tells Chanticleer that Fortescue’s diesel fuel bill for the December quarter was 100 per cent higher than a year earlier, while ammonia nitrate has also experienced big jumps.Fortescue held its cost guidance for the rest of the 2022 financial year at between $US15 a tonne and $US15.50 a tonne, but it seems likely the pressure will build over the next six months and into the 2023 year.
Wages for specialist skills are rising, if you can get them at all; Fortescue is fighting hard to find the workers it needs to build its new Ironbridge mine project. And Gaines will also see a bit of natural cost inflation as FMG’s mines age – the older a mine is, the more expensive it is to operate.But in its own way, Fortescue neatly encapsulates the growing inflation concerns facing Australian investors.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.