Shares in Australia’s Fortescue rose after record fourth quarter iron ore shipments and lower costs, beating expectations. The miner will scrap U.S. and Australian green hydrogen projects, trimming spending plans. Fortescue forecasts record production for next year, with strong quarterly iron ore shipments of 55.2 million metric tons.

Chair Andrew Forrest’s Fortescue shipped 198.4 Mt of iron ore in fiscal 2025, its highest on record. Shares were up over 5.3%, while broader mining dropped 0.6%. The company is assessing options to repurpose assets for the Arizona Hydrogen Project and expects a $150 million writedown in second-half results.

Fortescue forecasts metals capital expenditure of $3.3 billion to $4 billion in fiscal 2026, with operating expenses for the energy business at $400 million. The company expects higher iron ore shipments of 195-205 million metric tons for the fiscal year ending June 2026, including 10-12 million tons for Iron Bridge.

Read more at Yahoo Finance: Fortescue shares up on iron ore beat; scraps US, Aussie green hydrogen projects