Fortescue raises FY cost estimates

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Iron ore miner Fortescue has warned full-year capital costs will increase due to the rising Australian dollar and major projects.

Fortescue on Thursday issued its third-quarter production report, which showed 53.6 metric tonnes was mined – a big increase on the 41.9 metric tonnes in the same quarter last year.

Shipments were steady at 42.3 metric tonnes, as per the same quarter last year.

Royal Bank of Canada mining analyst Kaan Peker said the quarter was weaker-than-expected due to higher costs and…

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