I think that is part of the reason that certain people are walking the plank, I honestly think EG and the board have been mislead in some way, and have only just figured out what was happening, hence the forced resignations.Does anybody else think that this is p*ss poor form from Fortescue in terms of continuous disclosure? This story was all over various media outlets for a full 24 hrs before they informed the ASX. Also have heard speculation that the story was confirmed form sources within Fortescue itself, which if it is true is not a good look, talking to the media before making an announcement to market. And how was it not market sensitive?View attachment 120200
Wishing I had been away from my computer when the notice came out!Wonder how shareholders who sold out earlier this week are feeling ?
As anticipated an excellent half year report. Half yearly dividend raised to $1.47 . Quite ridiculous results but I don't think anyone is going to send back the bucks.
Wonder how shareholders who sold out earlier this week are feeling ? Particularly if they were stop loss sales ?
check out this video from the 3.30 mark, it’s shows how a magnitite mine and processing works.
These mines in the USA ran out of high grade ore decades ago but have been able to continue producing high grade ore by processing taconite rocks and removing the magnitite ore.
It is interesting. Is it realistic?Back in November at the AGM Twiggy outlined the big picture view of where he wanted to take Fortescue. The funds allocated from the super profits of the current iron ore prices should certainly push this development quickly.
Fortescue leads “stampede” into green energy with stunning plans for 235 gigawatts of wind and solar
Fortescue to lead “stampede” into renewables with stunning plan to build more than 235GW of wind and solar capacity and a green hydrogen industry.reneweconomy.com.au
It is interesting. Is it realistic?
Hard to say.
However when you own 36% of a company making $8b a year profits and the company itself is investing 500M into kicking this project away you have to have some sort of a chance ...
I believe many people and companies are coming quickly to the view that a hydrogen economy makes great economic and environmental sense. Having years of engineering experience in big projects and a very healthy bank balance to begin staking these ventures will give Twiggy the best start possible.Certainly better I suggest than a multitude of new start ups with a plan and a need to find all the big bucks required initiate the projects.
I hope FMG uses government money for the green initiative...only way it makes money...An interesting part of the half year results was their plan for future profits, eg 80% dividends, 10% into mining projects and 10% into green energy.
So it looks to me like their plan is to continue investing and growing their mining projects which will be their main income source, while also developing a growing renewable energy business.
Why would using government money be the "only way it makes money"?I hope FMG uses government money for the green initiative...only way it makes money...
Why would using government money be the "only way it makes money"?
I mean if they build a wind farm (or something else) for $100 Million, and it produces $10 Million in profits each year after costs and depreciation, why would they need government money?
Fortescue isn't a charity, its a for profit business, they are only going to take on projects that they believe have a decent chance of turning a profit, its going to be no different to their mining operations, eg the don't green light a new mine unless they expect it to produce an income stream that produces a profit of its life on top of returning the original cash outlaid
Fortescue is committed to taking a leadership position on climate change. We have a proud history of setting stretch targets and during FY20 announced an emissions reduction goal to achieve net zero operational emissions by 2040, positioning us as a leader in addressing the global climate change challenge.
This is what is on their site. The only way that a wind farm or solar field makes sense is if they are trying to achieve some type of carbon offsets... that is what is being reported as additional costs to make the wind and solar close to the cost of a natural gas power plant.
I guess what I am thinking is that isn't it a bit hypocritical for Fortescue to come along and say they are going to have zero operational emissions when the product Fortescue produces is being sent to a location that only cares about pollution when it gets so bad that they have to shut down their operations...
- Iron ore futures in Singapore fell 5.8% to hit a three-week low amid concerns that demand in top consumer China is cooling after the country's Tangshan steelmaking hub imposed more production restrictions to combat pollution.
solar and wind do make economic sense for Fortescue, because over time they will produce more in value than they cost to build, especially because they will be not only offsetting gas but also diesel.
Certainly some heavy selling today. Currently 5.77% down.
From a business standpoint. Increasing cost to create good will is understandable. That is what is being done. Fortescue is going green... Have a slide discussing this on every presentation... Put the climate folks onto someone else...I don’t see the hypocrisy in trying to reduce your carbon emissions, it would be stupid to suggest Fortescue avoid taking action until customers down the line are perfect.
firstly China is actually making massive steps to move towards cleaner energy.
However, even if China didn’t at all care about climate change, why would that be a reason for us not to try and reduce the pollution from the parts of the system that we control? it’s like you are saying Bunnings would be hypocritical for installing solar panels on their store because some of their customers are climate deniers, the fact is Bunnings (and fortescues) emissions are their responsibility, and are separate from their customers.
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solar and wind do make economic sense for Fortescue, because over time they will produce more in value than they cost to build, especially because they will be not only offsetting gas but also diesel.
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