Australia's No. 3 iron ore miner said its average selling price fell to $71 per tonne over the quarter to Sept 30 from $121 per tonne tonne in the year earlier period, partly offset by a 3 percent drop in average cash production costs to $32.08 a tonne.
Fortescue, which competes with global majors Vale, Rio Tinto and BHP Billiton in the seaborne-traded iron ore market said it operated at an annualised run rate of 166 million tonnes during the quarter.