Fortescue (ASX:FMG) has provided its anticipated iron ore shipments for fiscal year 2024, estimating a range of 192 to 197 million tonnes.

This projection includes approximately 7 million tonnes for the company’s Iron Bridge project.

The company also forecasts their FY24 C1 cost for Pilbara Hematite to fall within US$18.00 - US$19.00 per wet metric tonne.

Additionally, the capital expenditure for fiscal year 2024 is expected to be between US$2.8 to US$3.2 billion.

The company has provided financial guidance for its Fortescue Energy division, predicting a net operating expenditure of approximately US$800 million for FY24.

Iron Bridge’s first concentrate load was shipped on July 2023.

In future, the previously existing 10 per cent of Fortescue’s net profit after tax allocated to funding Fortescue Future Industries will no longer be applicable.

The full production capacity ramp up of the Iron Bridge to 22 million tonnes per annum is expected within the next 24 months.

The anticipated operating expenditure for Iron Bridge in FY24, excluding shipping and royalty costs, will approximately amount to US$400 million, as per Fortescue’s share.

Lastly, the company recognized a non-cash, post-tax impairment charge for Iron Bridge of US$726 million and is taking action to eliminate emissions profitably across its iron ore operations and entire value chain.

Fortescue is an Australian iron ore company specializing in the exploration predominantly in Western Australia.