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FMG - Fortescue Metals

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FMG's Williams racing acquisition is getting a bit of airplay.

UK-based firm Williams Advanced Engineering (WAE) – owned by Australian iron ore mining company Fortescue Metals Group (FMG) – has revealed a new electric hypercar platform, set to enter production in 2024.
Williams Advanced Engineering is a former subsidiary of the Williams Formula One racing team, and was acquired by FMG earlier this year for $310 million.
The WAE EVR is a ready-built electric-car platform which car makers of any size can purchase from the engineering company, rather than investing in the development of their own bespoke architectures – similar to the company's EVX platform revealed last year.
 
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i am not a subscriber so can not cut and paste extracts either now.
Any afr subscriber able to put some meaningfull extracts?

@qldfrog I'm not a subscriber either. If I want to read an article behind a paywall I copy & paste the heading into Google as it's most likely been syndicated to other sites. Below is the article in question

# START

Meet the Forrest young gun who shot down BHP​

Luca Giacovazzi is a rising star in the Andrew Forrest business empire and boss of Wyloo Metals which stared down BHP in the bidding war for green minerals deposits in Canada. Wyloo Metals wunderkind Luca Giacovazzi has made a lot of money for Andrew Forrest since making his first big pitch to the iron ore billionaire, and he might end up costing BHP plenty.

Giacovazzi, then just 27, called his first presentation slide pack Nickel: Get its mojo back in what was a risky move given Forrest’s painful memories from his Anaconda Nickel venture.

41e1e7390144ef68e08bcf3a2bd100a282d7c16f.jpg


Luca Giacovazzi in his house that was the former home and design studio of Perth architect Iwan Iwanoff.

In the 3½ years since, Giacovazzi has won a bruising takeover battle with BHP over Noront Resources and done a heap of strategic and capital creative deals in green minerals and gold-copper. There’s a heavy weighting to key battery ingredient nickel and big plans for rare earths as Wyloo emerges as the green minerals cousin to Forrest’s hydrogen business being spawned out of Fortescue Metals Group in an ambitious assault on the global decarbonisation challenge.

Wyloo, part of the Forrest family’s private investment arm Tattarang, started with a mixed bag of assets valued at $15 million. It is estimated the value of the portfolio is now about $700 million and that excludes Noront, which – if all goes to plan for Wyloo in Ontario, Canada – could become a multibillion-dollar asset.

Shaking every tree​

A piece of advice from Forrest that has stuck with Giacovazzi is you do the deal on the way in, not on the way out. What that boils down to is “buy well”. Wyloo did a great deal on its way into Toronto Stock Exchange-listed Noront and that is what ultimately led to its underdog victory against a bigger rival that had the Noront board in its corner.

“We were spending a lot of time in that nickel sulphide space, and we were shaking every tree, looking under every stone for projects,” Giacovazzi says. “This one stood out and it’s like, ‘why has nobody done this project? It’s one of the best ore bodies we’ve seen’. “People forget that the deal that we actually did on the way into Noront was a really good deal.”

Wyloo did some digging and found out Resource Capital Funds had a fund coming to an end and was looking to exit its position in Noront, the owners of the highest-grade nickel discovery in Canada since Vale-owned Voisey’s Bay.

The Forrest camp was delighted to emerge with a near 38 percent stake in Noront for $US26.5 million in December 2020. The acquisition of the RCF stake also came with a royalty and some other good things for Wyloo, including a pre-emptive rights deal it renegotiated with the Noront board that provided a lot of protection.

When BHP zoomed in on Noront right behind Wyloo, it was a vindication for Giacovazzi. Forrest could have walked away with a massive return but opted to stay and fight for Noront’s Eagle’s Nest nickel project and other assets in the Ring of Fire region, about 1200 kilometres north of Toronto.

“When BHP popped up we had held the investment for a few months and made $200 million to $250 million. So, we were singing from the hilltops,” Giacovazzi says. “It would have been really easy to take that and walk away. We went to Andrew and we were smiling. Andrew said, ‘OK, guys, but why did we do the deal originally?’ ”

Giacovazzi reiterated his belief that Eagle’s Nest is one of the best nickel projects in the world and in a great minerals basin with multi-mine potential.

A sweetheart deal?​

What followed through 2021 was a bidding war before BHP eventually gave up when Wyloo refused to back down. The tussle involved Wyloo going public with an unfriendly takeover offer and copping a blast from the Noront board, which accused Wyloo of making misleading statements. Giacovazzi makes no apologies for the way Wyloo went about winning.

“The Noront board at the time really wanted BHP to be part of the story … so they were definitely against us,” he says. “It got to the point where we felt like the deal that BHP were trying to do with the board, I don’t want to call it a sweetheart deal, but it was.

“It was something that wasn’t reflective of value, and it was all just about the BHP brand, and that’s when we stepped forward.”
There’s no love lost between Fortescue Metals Group founder Forrest and iron ore heavyweight BHP, but Giacovazzi’s comments have a familiar ring.

In another battle over green metals, the board of copper miner OZ Minerals last month rejected an $8.3 billion takeover bid from BHP it said significantly undervalued the company. Giacovazzi finally nailed down the Noront acquisition in April on the same day he moved his young family into a rundown home with what turned out to be a leaky roof, but great architectural pedigree. It is the former home and design studio of Perth architect Iwan Iwanoff, with the purchase confirming Giacovazzi’s eye for neglected assets in need of some love.

RELATED​

Forrest dives into another mining merger hotspot

He’s shown a knack for finding them under the nose of mining majors rather than in the suburbs. The two-storey home built by Iwanoff in 1966 is a long way from its former brutalist glory, but Giacovazzi is relishing the restoration ahead after moving in with his audiologist wife, three-year-old daughter and infant son.

Iwanoff did his best work in the downstairs studio but working from home is not for Giacovazzi. He probably wouldn’t have found his way to Tattarang in the first place if Credit Suisse hadn’t shut its Perth office. Credit Suisse said he could further work for them from home, but he’d tried that before and found it a “lonely path”.

He was hired by Tattarang chief investment officer John Hartman five years ago and, for a time, it was just the two of them doing a string of deals in property, in what became Squadron Energy, and in other assets classes, as the Forrest family looked to create a spread of investments with the riches flowing from iron ore. The team of two had to roll their sleeves up on all sorts of tasks. Giacovazzi hadn’t been there long when a septic tank burst at a caravan park on the West Australian coast owned by Tattarang. He was sent to the park to sort out the mess.

It has been a rapid rise for Johannesburg-raised Giacovazzi, who arrived in Australia armed with a degree in management after scholarship stints at the University of Sydney and the London School of Economics. He also spent a short time racing around Africa covering banking systems for a stockbroking firm while waiting for his visa.

Mincor worth $1b​

“I sort of count my lucky stars because we (Giacovazzi and his wife) applied with degrees, zero work experience, zero money, nothing to take with us, and somehow we got the visa within six months,” he says. The deals have kept coming for Wyloo ever since Hartman and Giacovazzi sat down and pondered what to do with Squadron Resources, a Forrest entity that owned stakes in Poseidon Nickel, uranium play Vimy Resources, some exploration tenements and not much else.

They had made multiple investments in diversifying Tattarang but never any in mining, and everyone from Forrest down saw the potential in battery metals. That first big pitch Giacovazzi made to Forrest was not about Noront but Mincor Resources. Wyloo started investing when Mincor was a $40 million company and retains its stake now that Mincor is a $1 billion company. They saw it as a vehicle to putting the Kambalda nickel precinct – broken up by Western Mining years ago to help pay for Olympic Dam – back together again. Wyloo noted that BHP Nickel West still owned the Kambalda concentrator but Mincor had the dominant land package in the area and was doing well on the exploration front.

“It was a cheeky title [on the slide pack] now that I look back on it,” Giacovazzi says. “I gave him the story around nickel sulphide and why it’s important and how it’ll have a cost advantage over laterites. And that was a hard sell because Andrew had done Anaconda and was a big believer in laterites.”

RELATED​

Forrest pumps $150m into rare earths aspirant

In a short space of time, Wyloo has done a takeover (Noront), established long-term shareholdings in companies, and inserted itself into takeover deals. In the case of rare earths play Hastings Technology Metals, Wyloo this month committed $150 million in convertible notes to allow Hastings to buy a stake in Canadian magnet maker Neo Performance Materials, “How many times have you seen private equity fund another company to buy a stake in another company because it looks interesting to put the two together?” Giacovazzi says.

“I don’t think there’s anyone else in the market that could do something like that.” Forrest says that Wyloo has put together a portfolio of exploration assets and can move quickly into production and make a major contribution to the critical minerals industry. “Luca is one of the sharpest analysts and quickest learners in the corporate sector that I have witnessed,” he says. Wyloo thrust itself into the fray when IGO sought to acquire nickel miner Western Areas in a move that also has consequences for BHP’s Nickel West growth plans.

Wyloo bought Western Areas shares on market at prices that were higher than the IGO offer price, fuelling expectations of a rival bid and forcing IGO’s decision to raise its offer by 15 per cent. It then agreed to support IGO’s takeover bid after striking a deal whereby if IGO builds a nickel sulphate plant, it would be as part of a joint venture with Wyloo.

In the past week, Wyloo put itself front and centre in another potential takeover stoush by becoming the biggest shareholder in Greatland Gold, an explorer that is being closely watched by Newcrest after discovering the Havieron gold and copper deposit in WA’s Paterson Province. The Forrest vehicle’s ambitions in rare earths stretch from mining to making permanent magnets, as shown by the Hastings deal, and in nickel sulphide in WA and Canada to making batteries.

Giacovazzi headed back to Ontario from Forrest’s Perth base while the ink was drying on the $60 million deal for 8.6 percent of London-listed Greatland. A major stumbling block to development of the Ring of Fire in the past, and one of the reasons Cliffs Natural Resources gave up ground picked up by Noront, has been the need for a 300-kilometre access road or rail link. Two First Nations groups, Marten Falls and Webequie, have emerged as road-building proponents and are supportive of mine development.

Giacovazzi says Cliffs, which pushed for a rail link after being drawn to the region by the chrome resources, made the mistake of not consulting properly with First Nations and other stakeholders. “They really didn’t have support for what they were proposing,” he says. “People forget that Cliffs had spent $300 million in the Ring of Fire and Noront spent nearly $200 million drilling and making discoveries.

“I think there are six defined ore bodies up there, of which we control five. Eagle’s Nest is the first one. It’s the most advanced of all the ore bodies and also the richest and the best. “Then there’s a tremendously big chrome opportunity. Most of the world’s chrome currently comes out of South Africa and is smelted in China.” Wyloo also sees potential for a copper-zinc mine at the Nikka deposit.

“If Nikka keeps growing, it will probably be Eagle’s Nest, Nikka and then the chrome,” says Giacovazzi. The focus right now is on the infrastructure needed to support any mines but Wyloo is already fielding inquiries from car companies trying to secure minerals.

There appears a chance Wyloo and one or more car companies could become partners in the mine development. Henry Ford tried something similar with rubber plantations as he looked to secure supply a century ago, but ultimately failed. “If a car company came to us and said we want to sign up all your off-take and here’s a pile of money, I don’t think that’s interesting to us,” says Giacovazzi. “I think it’s OK let’s put the money aside and what else could we be doing potentially together as partners, and we help you, and you help us. That’s where our conversations are kind of heading.”

# END

Skate.
 

Garpal Gumnut

Ross Island Hotel
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@qldfrog I'm not a subscriber either. If I want to read an article behind a paywall I copy & paste the heading into Google as it's most likely been syndicated to other sites. Below is the article in question

# START

Meet the Forrest young gun who shot down BHP​

Luca Giacovazzi is a rising star in the Andrew Forrest business empire and boss of Wyloo Metals which stared down BHP in the bidding war for green minerals deposits in Canada. Wyloo Metals wunderkind Luca Giacovazzi has made a lot of money for Andrew Forrest since making his first big pitch to the iron ore billionaire, and he might end up costing BHP plenty.

Giacovazzi, then just 27, called his first presentation slide pack Nickel: Get its mojo back in what was a risky move given Forrest’s painful memories from his Anaconda Nickel venture.

View attachment 146956

Luca Giacovazzi in his house that was the former home and design studio of Perth architect Iwan Iwanoff.

In the 3½ years since, Giacovazzi has won a bruising takeover battle with BHP over Noront Resources and done a heap of strategic and capital creative deals in green minerals and gold-copper. There’s a heavy weighting to key battery ingredient nickel and big plans for rare earths as Wyloo emerges as the green minerals cousin to Forrest’s hydrogen business being spawned out of Fortescue Metals Group in an ambitious assault on the global decarbonisation challenge.

Wyloo, part of the Forrest family’s private investment arm Tattarang, started with a mixed bag of assets valued at $15 million. It is estimated the value of the portfolio is now about $700 million and that excludes Noront, which – if all goes to plan for Wyloo in Ontario, Canada – could become a multibillion-dollar asset.

Shaking every tree​

A piece of advice from Forrest that has stuck with Giacovazzi is you do the deal on the way in, not on the way out. What that boils down to is “buy well”. Wyloo did a great deal on its way into Toronto Stock Exchange-listed Noront and that is what ultimately led to its underdog victory against a bigger rival that had the Noront board in its corner.

“We were spending a lot of time in that nickel sulphide space, and we were shaking every tree, looking under every stone for projects,” Giacovazzi says. “This one stood out and it’s like, ‘why has nobody done this project? It’s one of the best ore bodies we’ve seen’. “People forget that the deal that we actually did on the way into Noront was a really good deal.”

Wyloo did some digging and found out Resource Capital Funds had a fund coming to an end and was looking to exit its position in Noront, the owners of the highest-grade nickel discovery in Canada since Vale-owned Voisey’s Bay.

The Forrest camp was delighted to emerge with a near 38 percent stake in Noront for $US26.5 million in December 2020. The acquisition of the RCF stake also came with a royalty and some other good things for Wyloo, including a pre-emptive rights deal it renegotiated with the Noront board that provided a lot of protection.

When BHP zoomed in on Noront right behind Wyloo, it was a vindication for Giacovazzi. Forrest could have walked away with a massive return but opted to stay and fight for Noront’s Eagle’s Nest nickel project and other assets in the Ring of Fire region, about 1200 kilometres north of Toronto.

“When BHP popped up we had held the investment for a few months and made $200 million to $250 million. So, we were singing from the hilltops,” Giacovazzi says. “It would have been really easy to take that and walk away. We went to Andrew and we were smiling. Andrew said, ‘OK, guys, but why did we do the deal originally?’ ”

Giacovazzi reiterated his belief that Eagle’s Nest is one of the best nickel projects in the world and in a great minerals basin with multi-mine potential.

A sweetheart deal?​

What followed through 2021 was a bidding war before BHP eventually gave up when Wyloo refused to back down. The tussle involved Wyloo going public with an unfriendly takeover offer and copping a blast from the Noront board, which accused Wyloo of making misleading statements. Giacovazzi makes no apologies for the way Wyloo went about winning.

“The Noront board at the time really wanted BHP to be part of the story … so they were definitely against us,” he says. “It got to the point where we felt like the deal that BHP were trying to do with the board, I don’t want to call it a sweetheart deal, but it was.

“It was something that wasn’t reflective of value, and it was all just about the BHP brand, and that’s when we stepped forward.”
There’s no love lost between Fortescue Metals Group founder Forrest and iron ore heavyweight BHP, but Giacovazzi’s comments have a familiar ring.

In another battle over green metals, the board of copper miner OZ Minerals last month rejected an $8.3 billion takeover bid from BHP it said significantly undervalued the company. Giacovazzi finally nailed down the Noront acquisition in April on the same day he moved his young family into a rundown home with what turned out to be a leaky roof, but great architectural pedigree. It is the former home and design studio of Perth architect Iwan Iwanoff, with the purchase confirming Giacovazzi’s eye for neglected assets in need of some love.

RELATED​

Forrest dives into another mining merger hotspot

He’s shown a knack for finding them under the nose of mining majors rather than in the suburbs. The two-storey home built by Iwanoff in 1966 is a long way from its former brutalist glory, but Giacovazzi is relishing the restoration ahead after moving in with his audiologist wife, three-year-old daughter and infant son.

Iwanoff did his best work in the downstairs studio but working from home is not for Giacovazzi. He probably wouldn’t have found his way to Tattarang in the first place if Credit Suisse hadn’t shut its Perth office. Credit Suisse said he could further work for them from home, but he’d tried that before and found it a “lonely path”.

He was hired by Tattarang chief investment officer John Hartman five years ago and, for a time, it was just the two of them doing a string of deals in property, in what became Squadron Energy, and in other assets classes, as the Forrest family looked to create a spread of investments with the riches flowing from iron ore. The team of two had to roll their sleeves up on all sorts of tasks. Giacovazzi hadn’t been there long when a septic tank burst at a caravan park on the West Australian coast owned by Tattarang. He was sent to the park to sort out the mess.

It has been a rapid rise for Johannesburg-raised Giacovazzi, who arrived in Australia armed with a degree in management after scholarship stints at the University of Sydney and the London School of Economics. He also spent a short time racing around Africa covering banking systems for a stockbroking firm while waiting for his visa.

Mincor worth $1b​

“I sort of count my lucky stars because we (Giacovazzi and his wife) applied with degrees, zero work experience, zero money, nothing to take with us, and somehow we got the visa within six months,” he says. The deals have kept coming for Wyloo ever since Hartman and Giacovazzi sat down and pondered what to do with Squadron Resources, a Forrest entity that owned stakes in Poseidon Nickel, uranium play Vimy Resources, some exploration tenements and not much else.

They had made multiple investments in diversifying Tattarang but never any in mining, and everyone from Forrest down saw the potential in battery metals. That first big pitch Giacovazzi made to Forrest was not about Noront but Mincor Resources. Wyloo started investing when Mincor was a $40 million company and retains its stake now that Mincor is a $1 billion company. They saw it as a vehicle to putting the Kambalda nickel precinct – broken up by Western Mining years ago to help pay for Olympic Dam – back together again. Wyloo noted that BHP Nickel West still owned the Kambalda concentrator but Mincor had the dominant land package in the area and was doing well on the exploration front.

“It was a cheeky title [on the slide pack] now that I look back on it,” Giacovazzi says. “I gave him the story around nickel sulphide and why it’s important and how it’ll have a cost advantage over laterites. And that was a hard sell because Andrew had done Anaconda and was a big believer in laterites.”

RELATED​

Forrest pumps $150m into rare earths aspirant

In a short space of time, Wyloo has done a takeover (Noront), established long-term shareholdings in companies, and inserted itself into takeover deals. In the case of rare earths play Hastings Technology Metals, Wyloo this month committed $150 million in convertible notes to allow Hastings to buy a stake in Canadian magnet maker Neo Performance Materials, “How many times have you seen private equity fund another company to buy a stake in another company because it looks interesting to put the two together?” Giacovazzi says.

“I don’t think there’s anyone else in the market that could do something like that.” Forrest says that Wyloo has put together a portfolio of exploration assets and can move quickly into production and make a major contribution to the critical minerals industry. “Luca is one of the sharpest analysts and quickest learners in the corporate sector that I have witnessed,” he says. Wyloo thrust itself into the fray when IGO sought to acquire nickel miner Western Areas in a move that also has consequences for BHP’s Nickel West growth plans.

Wyloo bought Western Areas shares on market at prices that were higher than the IGO offer price, fuelling expectations of a rival bid and forcing IGO’s decision to raise its offer by 15 per cent. It then agreed to support IGO’s takeover bid after striking a deal whereby if IGO builds a nickel sulphate plant, it would be as part of a joint venture with Wyloo.

In the past week, Wyloo put itself front and centre in another potential takeover stoush by becoming the biggest shareholder in Greatland Gold, an explorer that is being closely watched by Newcrest after discovering the Havieron gold and copper deposit in WA’s Paterson Province. The Forrest vehicle’s ambitions in rare earths stretch from mining to making permanent magnets, as shown by the Hastings deal, and in nickel sulphide in WA and Canada to making batteries.

Giacovazzi headed back to Ontario from Forrest’s Perth base while the ink was drying on the $60 million deal for 8.6 percent of London-listed Greatland. A major stumbling block to development of the Ring of Fire in the past, and one of the reasons Cliffs Natural Resources gave up ground picked up by Noront, has been the need for a 300-kilometre access road or rail link. Two First Nations groups, Marten Falls and Webequie, have emerged as road-building proponents and are supportive of mine development.

Giacovazzi says Cliffs, which pushed for a rail link after being drawn to the region by the chrome resources, made the mistake of not consulting properly with First Nations and other stakeholders. “They really didn’t have support for what they were proposing,” he says. “People forget that Cliffs had spent $300 million in the Ring of Fire and Noront spent nearly $200 million drilling and making discoveries.

“I think there are six defined ore bodies up there, of which we control five. Eagle’s Nest is the first one. It’s the most advanced of all the ore bodies and also the richest and the best. “Then there’s a tremendously big chrome opportunity. Most of the world’s chrome currently comes out of South Africa and is smelted in China.” Wyloo also sees potential for a copper-zinc mine at the Nikka deposit.

“If Nikka keeps growing, it will probably be Eagle’s Nest, Nikka and then the chrome,” says Giacovazzi. The focus right now is on the infrastructure needed to support any mines but Wyloo is already fielding inquiries from car companies trying to secure minerals.

There appears a chance Wyloo and one or more car companies could become partners in the mine development. Henry Ford tried something similar with rubber plantations as he looked to secure supply a century ago, but ultimately failed. “If a car company came to us and said we want to sign up all your off-take and here’s a pile of money, I don’t think that’s interesting to us,” says Giacovazzi. “I think it’s OK let’s put the money aside and what else could we be doing potentially together as partners, and we help you, and you help us. That’s where our conversations are kind of heading.”

# END

Skate.
Great article.

gg
 
Joined
28 August 2021
Posts
192
Reactions
352
Great article.

gg
Yes indeed Garpal Gumnut, 100% true that. rcw1 been following HAS for sometime now. $0.20 to $4.30 ... overnight. Research aplenty with this one. rcw1 has traded. Not Holding.

Have a very nice Sunday.

Kind regards
rcw1
 

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Good morning
Published today through News Corp Media is 20/09/22:

Fortescue to decarbonise by 2030: Twiggy​

adam_creighton.png

Adam Creighton
Iron ore magnate Andrew Forrest has promised to completely remove fossil fuels from Fortescue’s production by 2030, as part of a company-wide “decarbonisation strategy” to shift to 100 per cent “green iron ore”.

The Perth-based iron ore exporter, of which Mr Forrest is a one third shareholder, will spend US$6.2bn to slash its operating costs by US$818bn per year by 2030, the company said in an announcement to the stock exchange on Tuesday.

“We must accelerate our transition to the post fossil fuel era, driving global scale industrial change as climate change continues to worsen,” Fortescue executive chairman Mr Forrest, an outspoken advocate for combating climate change, said in a statement to the stock exchange.

“There’s no doubt that the energy landscape has changed dramatically over the past two years and this change has accelerated since Russia invaded Ukraine”

Mr Forrest timed the announcement with a visit to New York City, where he is participating in the United Nations General Assembly events.

Fortescue said the plan emerged at the invitation of President Joe Biden’s First Movers Coalition, which Fortescue joined as one of 25 founding (and the only Australian) members in November last year.

The plan, once fully implemented, would dispense with around 3 million tonnes of carbon dioxide emissions annually, through the displacement of around 700 million litre of diesel and 15 million GJ of gas, the company said.

“Fortescue is moving at speed to transition into a global green metals, minerals energy and technology company, capable of delivering not just green iron ore but also the minerals, knowledge and technology critical to the energy transition,” Mr Forrest said.

Mr Forrest, who has lauded Australia’s opportunity to become the “Saudi Arabia of green energy”, praised Joe Biden’s Inflation Reduction Act, which includes billions in subsidies for renewable energy developments in the US.
 
Joined
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Posts
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Good morning
Published today through News Corp Media is 20/09/22:

Fortescue to decarbonise by 2030: Twiggy​

View attachment 147019
Adam Creighton
Iron ore magnate Andrew Forrest has promised to completely remove fossil fuels from Fortescue’s production by 2030, as part of a company-wide “decarbonisation strategy” to shift to 100 per cent “green iron ore”.

The Perth-based iron ore exporter, of which Mr Forrest is a one third shareholder, will spend US$6.2bn to slash its operating costs by US$818bn per year by 2030, the company said in an announcement to the stock exchange on Tuesday.

“We must accelerate our transition to the post fossil fuel era, driving global scale industrial change as climate change continues to worsen,” Fortescue executive chairman Mr Forrest, an outspoken advocate for combating climate change, said in a statement to the stock exchange.

“There’s no doubt that the energy landscape has changed dramatically over the past two years and this change has accelerated since Russia invaded Ukraine”

Mr Forrest timed the announcement with a visit to New York City, where he is participating in the United Nations General Assembly events.

Fortescue said the plan emerged at the invitation of President Joe Biden’s First Movers Coalition, which Fortescue joined as one of 25 founding (and the only Australian) members in November last year.

The plan, once fully implemented, would dispense with around 3 million tonnes of carbon dioxide emissions annually, through the displacement of around 700 million litre of diesel and 15 million GJ of gas, the company said.

“Fortescue is moving at speed to transition into a global green metals, minerals energy and technology company, capable of delivering not just green iron ore but also the minerals, knowledge and technology critical to the energy transition,” Mr Forrest said.

Mr Forrest, who has lauded Australia’s opportunity to become the “Saudi Arabia of green energy”, praised Joe Biden’s Inflation Reduction Act, which includes billions in subsidies for renewable energy developments in the US.
As long as they find woke customers to buy their greenwash steel..it would also make sense to get the smelters as well and produce the green (issh) final product.
 
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