Fortescue Fourth-Quarter Iron Ore Shipments Miss Estimates

Fortescue Metals Group Ltd. (FMG), Australia’s third-biggest iron ore producer, said fourth-quarter shipments rose 39 percent, missing analyst estimates.

Shipments were 23.9 million metric tons in the three months ended June 30, compared with 17.1 million tons a year earlier, Perth-based Fortescue said today in a statement. That compares with the median estimate of 24.6 million tons of four analysts surveyed by Bloomberg.

Fortescue, which sold $5 billion in loans to cut debt after prices fell last year, is aiming to boost capacity to 155 million tons by 2013. The company started talks in December for the sale of its port and railroad assets, which could raise an estimated $3 billion, according to JPMorgan Chase & Co.

Talks are continuing for a sale of a minority stake in the port and rail unit, Fortescue said in the statement. The company plans to use cash from a sale to repay debt.

Fortescue rose 0.3 percent to A$3.69 at 11:54 a.m. in Sydney. The benchmark S&P/ASX 200 Index was little changed.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

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