Australia's Fortescue approved on Tuesday an estimated total investment of about $750 million over the next three years for two green energy projects and one green steel project as the iron ore miner seeks to become a top-tier clean energy producer.
  • AutoTL;DR@lemmings.worldBEnglish
    1·
    10 months ago

    This is the best summary I could come up with:

    About $550 million will be used for developing an electrolyser and liquefaction facility in Phoenix, where first production of liquid green hydrogen is targeted for 2026.

    The world’s fourth-largest iron ore maker, which is expanding into production of hydrogen from renewable resources with its Fortescue Energy unit, said it had also decided to fast-track projects in Brazil, Kenya and Norway.

    In the past few days, it has unveiled plans to set up an advanced manufacturing centre in Michigan and an office in New York, Fortescue Capital, to lure more investment to its green energy companies.

    Under a plan to ramp up its green energy business, Fortescue said in August it would stop allocating 10% of its net profit to that unit.

    At Tuesday’s annual general meeting, shareholders voted against a remuneration resolution after the board approved special payments to retiring executives that advisers said were out of line with industry practice.

    Fortescue shares were up 1% on Tuesday in a strong market for iron ore miners, with peers BHP (BHP.AX) and Rio Tinto (RIO.AX) up 1.5% and 2% respectively.

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