Australian mining company Fortescue: Middle East war may cause iron ore miners to face billions of dollars in additional fuel costs

Golden Ten Data reported on March 23 that an executive from Australian mining company Fortescue stated on Monday that if diesel prices continue to rise, iron ore mining companies may face billions of dollars in additional fuel costs. Dino Otranto, Fortescue's Chief Executive Officer of Metals and Operations, said in an interview on Monday: "Every 10-cent change in diesel prices impacts our costs by 70 million dollars. If you look at our competitors, the top four giants, every 10-cent change in diesel prices affects their cost structure by as much as 500 million dollars." He noted that most of the company's fuel comes from Southeast Asia, but as long as the conflict in Iran does not escalate, the current fuel inventory is "sufficient to cope."