Damn slunk.it is a nutcase project, let's be real
Just a small excerpt from the attached AFR article which is behind a paywall.Damn slunk.
and the funniest thing I've read in years . Vintage
Andrew Forrest, insane in the membrane
The mining billionaire exhibits all the signs of a man hanging onto reality by a very thin thread.www.afr.com
What he ultimately wants is for everyone to love him. Not everyone will love Andrew Forrest for being a very successful businessman who dug **** out of the ground and sold it to the Chinese to make steel. That will merely get him a Who’s Who entry as another mercantilist.
That’s not what Twiggy wants. He wants statues. He wants global acclaim, he wants world peace, he wants the lot because he’s f---ing mad. So, he’s ending slavery, saving the ocean, building happy abattoirs, being the King of Davos. There is no lane left for him to stay in. There is none because he is swerving all over the f---ing road.
Thanks for excerpting the highlight, gg. I was tossing around whether to put up a bit of content, and I think those two paragraphs just about nail it.Just a small excerpt from the attached AFR article which is behind a paywall.
Check out the half year results webcast, it’s shows that despite what the cynics in the media say, they are actually working in quite a rational way and having each project compete for capital.Just a small excerpt from the attached AFR article which is behind a paywall.
gg
Sounds like the pich fork mob have found another target, mass meeting has been call in the village square, all journo's invited. ?Just a small excerpt from the attached AFR article which is behind a paywall.
gg
I remember a good solid 5 year period when the pitch fork Mob went after another crazy man who thought that just because he made some money on the internet he could build a successful car company based on EV’s as well as a space business based on reusable self landing rockets…. Oh wait he actually did those things despite the negative media.Sounds like the pich fork mob have found another target, mass meeting has been call in the village square, all journo's invited. ?
Poor old Twiggy, from hero to zero, in record time. ?
IDH, but try to stay unemotional.
Whoever is right or wrong @Value Collector, and you may very well be correct in your assessment, there is no doubt in anyone's mind that FMG suffers from Key Man Risk.I remember a good solid 5 year period when the pitch fork Mob went after another crazy man who thought that just because he made some money on the internet he could build a successful car company based on EV’s as well as a space business based on reusable self landing rockets…. Oh wait he actually did those things despite the negative media.
At the end of the day if the guys writing the articles knew what they were talking about they wouldn’t be commentating from the sidelines fighting for attention.
Key Person Risk
Definition
Key Person Risk indicates the Risk generated when significant organizational knowledge, visibility, status or performance rely to a significant degree on a single individual.
The reliance on a key person exposes the organization to the risk of significant financial or reputational loss if
- the individual ceases to be part of the organization (e.g. due to health, career choices etc.)
- stops performing or behaving according to expectations and agreements
Issues and Challenges
Key person risk is a form of Concentration Risk, but it is not traditionally discussed alongside the traditional types of Concentration as the structure of an Organization is usually not subject to formal Risk Analysis.
Disney is about 50 x times larger since Walt DiedWhoever is right or wrong @Value Collector, and you may very well be correct in your assessment, there is no doubt in anyone's mind that FMG suffers from Key Man Risk.
Without John Andrew Henry Forrest, aka Twiggy, FMG would be only worth one half or one quarter of its present valuation.
https://www.openriskmanual.org/wiki/Key_Person_Risk
gg
Very true GG, but that is true for a lot of companies, how many times have we seen companies do really well, then there is a change of manager and it all goes pear shaped.Whoever is right or wrong @Value Collector, and you may very well be correct in your assessment, there is no doubt in anyone's mind that FMG suffers from Key Man Risk.
Without John Andrew Henry Forrest, aka Twiggy, FMG would be only worth one half or one quarter of its present valuation.
https://www.openriskmanual.org/wiki/Key_Person_Risk
gg
That's the thing with wokism, there is no limitWith compo decision looming, Andrew Forrest hits back
Fortescue chief Andrew Forrest tells Joe Aston that the best way of compensating traditional owners is with work. The traditional owners don’t agree.www.afr.com
So Forrest tries to get this good green social image but it is not enough.
Not until he changes skin colour ,sex, gives all his wealth to DV and LGBTQxxxx support group ,and blow his brain and compost his body.
It should be a lesson to the flock of business men trying to leverage ESC..there is no limit and you will never do enough.our politicians should learn as well...
Fast forward to the 50:15 minute mark of this video, If you want to see what Andrew is talking about when he says it’s better for the aboriginal communities if Fortescue provides training, guaranteed jobs and contracts as part of the compensation rather than straight cash.A lot of that article in the Fin is pretty wild. Defensive, angry rambling. Seems like the YAP have a case and it's going to cost FMG a motza.
“Joe, you mustn’t misquote me,” Dr Forrest said in an interview with the Financial Review to clarify his position. “I’ve said many, many times, and if you don’t put this in your article, I’ll be really disappointed: I’m happy and always have been happy to meet with [Yindjibarndi Aboriginal Corporation CEO] Michael Woodley any time, we’ve known each other for a long time, [former Fortescue CEO] Elizabeth Gaines has met with him several times, [Gaines’ predecessor] Nev [Power] did as well, OK? We pay so much money in cash royalties it makes your eyes water, and we’re happy to do it. But we also pay in training and guaranteed employment and changing lives, and that is because we have a right to not just pay cash.”
“There is a media construct that we don’t want to settle. It’s not true. [Woodley has] had a whole heap of others who have counselled him, who are really serious elders in our community, say, ‘Just go meet with [Forrest], he wants to settle this, he’ll be fair and equitable to all of us. And by the way, he paid us heaps of cash, as well as everything else’. Because the everything else really means a lot to him, and it’s fine by us.”
I get the impression of "just show me the money, and plenty of it. Work why bother when the Cargo Cult is alive and well"A lot of that article in the Fin is pretty wild. Defensive, angry rambling. Seems like the YAP have a case and it's going to cost FMG a motza.
“Joe, you mustn’t misquote me,” Dr Forrest said in an interview with the Financial Review to clarify his position. “I’ve said many, many times, and if you don’t put this in your article, I’ll be really disappointed: I’m happy and always have been happy to meet with [Yindjibarndi Aboriginal Corporation CEO] Michael Woodley any time, we’ve known each other for a long time, [former Fortescue CEO] Elizabeth Gaines has met with him several times, [Gaines’ predecessor] Nev [Power] did as well, OK? We pay so much money in cash royalties it makes your eyes water, and we’re happy to do it. But we also pay in training and guaranteed employment and changing lives, and that is because we have a right to not just pay cash.”
“There is a media construct that we don’t want to settle. It’s not true. [Woodley has] had a whole heap of others who have counselled him, who are really serious elders in our community, say, ‘Just go meet with [Forrest], he wants to settle this, he’ll be fair and equitable to all of us. And by the way, he paid us heaps of cash, as well as everything else’. Because the everything else really means a lot to him, and it’s fine by us.”
I am a tad wary of geothermal talk in OZ.And there are a couple more international projects being investigated and assessed .
Fortescue’s Holmaneset green project gains ground
Fortescue Future Industries (FFI), a global green energy company, has advanced its Holmaneset project in Norway to the next phase, providing potential for the development of a 300 MW green hydrogen and green ammonia facility and supporting infrastructure.
In partnership with local Norwegian consultants, and in consultation with the Bremanger Municipality, FFI completed a scoping study to identify potential locations for the development of green energy and port facilities, and the Holmaneset project site was identified as one of them.
Fortescue's Holmaneset green project gains ground
Fortescue Future Industries (FFI) has advanced its green energy Holmaneset project in Norway to the next phase.www.offshore-energy.biz
Baker Hughes, FFI to jointly pursue hydrogen, ammonia and geothermal projects
January 31, 2023, by Ajsa Habibic
Energy technology company Baker Hughes has signed a memorandum of understanding (MoU) with Fortescue Future Industries (FFI), a subsidiary of Australian iron ore company Fortescue Metals Group, to collaborate on decarbonisation of hard-to-abate industries.
View attachment 154356Courtesy of Baker Hughes
Under the MoU, Baker Hughes and FFI will jointly explore potential opportunities for the scale-up and adoption of novel technology solutions for green hydrogen, green ammonia and geothermal projects.
For hydrogen and ammonia development, the collaboration will leverage Baker Hughes’ expertise and technology related to liquefaction and compression, turboexpanders and hydrogen-fueled turbines.
For geothermal, Baker Hughes will provide its expertise for existing technologies in geothermal subsurface analysis, geothermal well services, emissions measurement, monitoring and carbon reinjection, as well as digital solutions for asset performance management and process optimisation.
“FFI and Baker Hughes share ambitions for transforming and accelerating the energy transition”, said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. “Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are excited to support FFI in its ambitions for a more sustainable future.”
Mark Hutchinson, CEO of Fortescue Future Industries, added: “There is enormous demand for green hydrogen and green energy, and engineering solutions such as those pioneered by Baker Hughes are vital to increasing supply. We look forward to working with Baker Hughes on a variety of projects that will help to enable industries and the world to move beyond fossil fuels.”
Baker Hughes, FFI to jointly pursue hydrogen, ammonia and geothermal projects
Baker Hughes has signed an MoU with Fortescue Future Industries (FFI) to collaborate on decarbonisation of hard-to-abate industries.www.offshore-energy.biz
.
I did a fair bit of dough on the hope that Geotherm would be a winner, and was invested in Pacific Hydro when it was experimenting with geotherms.
I did a quick search, it was sometime after 2011 when they first partnered with Greenrock energy ( have a look at this article here where the boss of Pacific hydro talks about their investments in geotherm prior to this MOU.What year was that?
I invested in Pacific Hydro at around $1.40 in 2000 until 2005 when they were taken over by a super fund for $5.00 per share, I can't remember them ever having a geothermal project during that time, or losing money investors did really well in pacific hydro while it was listed. I think they do now have a geothermal plant, but they are Chinese owned now. Were they relisted some time after 2005 that I missed?
Maybe it was another company you are thinking of, I know there was a company called geo dynamics that went bust drilling geothermal wells in SA.
I did a quick search, it was sometime after 2011 when they first partnered with Greenrock energy ( have a look at this article here where the boss of Pacific hydro talks about their investments in geotherm prior to this MOU.
Geodynamics was the one I did my dough on.
Mick
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