23.07.201301:30:50UTC+00Australia's Fortescue confirms output goal

Fortescue Metals Group Ltd. , the world's fourth-biggest iron-ore producer, said it remained on track to achieve a long-held goal output rate of 155 million metric tons by the end of December.

But the firm announced it would be unlikely to maintain production at that level until after northern Australia's wet season in early 2014.

Perth-based Fortescue said that while it would have the supply chain in place to reach its goal, which is nearly triple what the firm produced just two years ago, it would only be able to "sustainably produce at 155 million tons per annum post the wet season in March 2014."

In a quarterly report, the miner said it had shipped iron ore, a key ingredient in steel making, at an annualized rate of 120 million tons in June, 4% higher than previously forecast.

Fortescue also reported a 24% quarter-on-quarter boost in shipments in the last three months of the fiscal year to June 30, at 25.0 million tons. Total shipments for the fiscal year skyrocketed 41% at 80.9 million tons.