Australian miner Fortescue reported a 4% year-over-year increase in first-quarter iron-ore shipments, reaching a record high of 47.7 million metric tons. Despite this achievement, production costs also surged due to inflation pressures, with costs rising to $20.16 a wet ton, up 12% from the previous year. Fortescue reiterated its annual production forecast of 190-200 million tons for the fiscal year 2025, along with cost guidance of $18.50 to $19.75 a wet ton. The company is dedicated to enhancing productivity and efficiency, as seen in its decision to cut hundreds of jobs to reduce costs and remove duplication. Fortescue is not only focusing on iron ore; it is also venturing into the clean energy sector. The company is working on four green hydrogen projects located in the U.S., Australia, Norway, and Brazil. Mark Hutchinson, the head of Fortescue's energy business, expressed the company's commitment to advancing green energy projects globally while waiting for the right policy support for market development. In addition to its iron-ore operations, Fortescue's new magnetite venture, Iron Bridge, is anticipated to operate at full capacity within a year and contribute significantly to annual exports. This diversification strategy aligns with the miner's ambition to expand beyond the iron-ore business. Despite facing challenges in producing green hydrogen cost-effectively, Fortescue remains dedicated to its clean-energy aspirations.