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Fortescue Metals ASX: (FMG) has upgraded its guidance for 2020 iron ore shipments to 175-177 million tonnes, based on strong operating performance year-to-date.

The company reported third-quarter iron ore shipments of 42.3 million tonnes, 10% higher than 38.3 million tonnes a year earlier. Year-to-date shipments are at 130.9 million tonnes.

“Fortescue is a core supplier of iron ore to China and we see strong ongoing demand for our products and anticipate a steady recovery in economic activity in that market.” Fortescue CEO Elizabeth Gaines said.

“While the global economic outlook remains uncertain, our balance sheet has never been stronger and we continue to generate sustained cashflows and jobs, invest in growth and focus on delivering returns to our shareholders,” she said.

The $2.6 billion Iron Bridge Magnetite project in Pilbara region of Western Australia is progressing on schedule and budget, with first concentrate production planned in the first half of 2022.

The Eliwana mine and rail project in Western Australia achieved key milestones in the quarter, including the completion of earthworks on stage one of the railway in preparation for first track laying. Pre-strip mining is scheduled to begin in Q1 2021.

Fortescue’s stock was trading up nearly 2% on the ASX late Thursday. The company has a A$36.8 billion market capitalization.