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Fortescue shares are on a tear

Mark Metcalfe/Getty Images

Shares in Fortescue are soaring after the iron ore miner hit cost-cutting targets six months early.

A short time ago, the shares were up more than 11% to $1.69. Yesterday the shares closed 4% higher at $1.52 after the company released its quarterly production report.

The shares continued higher today after Credit Suisse raised its rating on the pure play iron ore miner to outperform.

Fortescue says costs are well ahead of guidance with the targeted 2016 exit rate of $US15 per tonne achieved in December. At the same time, the average realised price per tonne was $US40.46 over the quarter.

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