A year of outstanding performance by Fortescue Metals Group (Fortescue) was recognised at the company’s Annual General Meeting in Perth today.
Chief Executive Officer Nev Power outlined Fortescue’s results for the 2017 financial year, noting that the company had improved its safety performance by 33 per cent, while shipping 170.4 million tonnes and reducing C1 costs to an industry leading US$12.82 per wet metric tonne.
“2017 was a record-breaking year for Fortescue and it is due to the hard work and commitment of the entire Fortescue team, including our contracting and supplier partners,” Mr Power said.
“Looking forward to FY18, we are committed to our strategy of continuing debt repayment and capital flexibility, investing in our core iron ore business and delivering increasing returns to our shareholders.”
Speaking at the AGM, Mr Power emphasised Fortescue’s continued commitment to ensure communities benefitted from the growth and development of the business.
“Since its inception in 2011, Fortescue’s spend under the Billion Opportunities program is now approaching $2 billion and we are on track to meet our ambitious stretch target of spending 10 per cent of total procurement with Aboriginal businesses,” Mr Power said.
“Together with the launch of the A$50 million guaranteed leasing facility with ANZ in September, we are pleased to be helping Aboriginal communities on their journey to economic sustainability by providing support for business development.”
Chairman Andrew Forrest AO announced Mr Mark Barnaba AM, Lead Independent Director, will join Ms Sharon Warburton as co-Deputy Chair of the Board of Directors, and also highlighted Fortescue’s exceptional results in FY17.
“Our team have once again delivered tremendous achievements against the challenging stretch targets set by the Board,” Mr Forrest said.
“We can all be extremely proud of their disciplined execution of a clear strategy to reduce debt, optimise production and explore low cost options for future growth and development.
“This continued achievement allows us to deliver strong returns for all of us, as shareholders, and positions our great company for future success.”
The Board of Directors were joined at the AGM by members of Fortescue’s Leadership and Excellence in Aboriginal People (LEAP), a 12-month mentoring program designed to give motivated and high performing employees the opportunity to become leaders.
Material Logistic Officer Carmen Farmer said she was looking forward to using the LEAP program to develop leadership skills and support her professional development.
“I look forward to a successful career with Fortescue and using the tools I develop from LEAP to become a future leader and encourage and empower other Indigenous women to take up every opportunity with confidence,” she said.