FORTESCUE Metals says that is has been focusing on the mineral processing part of its operations due to bad weather.
The company claims that the March quarter has been a defining quarter for the miner.
Earnings before interest and tax fell to $63 million in the three months to March 31, well down from $183 million in the previous quarter.
The company’s chief executive Andrew Forrest says that tough decisions of this quarter and last quarter have been taken to rationalise the operation.
Forrest says that the company decided to rid itself of ancillary production equipment and put the whole mining focus on to the iron ore processing facility to ensure it lowered operation costs while it ramped up mining.
Mining had been heavily affected by the wet weather but it the miner says production is set to improve as the wet season draws to an end.
Fortescue says that the adverse operating conditions over the March quarter will impact on the full year results as it will not be able to catch up lost production.
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