Fortescue Ltd's Steady Iron Ore Production Amid Green Hydrogen Push
Key Ideas
- Fortescue Ltd reported a three per cent rise in underlying net profit to $US5.68 billion for the year to June 30, driven by higher iron ore prices.
- The company plans to become one of the world's largest consumers of green hydrogen and has a $US6.2 billion decarbonisation plan in place.
- Despite focusing on green initiatives, Fortescue remains financially disciplined and will only make economically viable investments.
- Executive chairman Andrew Forrest emphasized the company's commitment to reaching its real zero target by 2030 and reducing reliance on fossil fuels.
Australian mining giant Fortescue Ltd has reported steady iron ore production while slowing down its push into green hydrogen. The company's underlying net profit rose by three per cent to $US5.68 billion, supported by higher iron ore prices. Fortescue aims to be a significant consumer of green hydrogen and has a $US6.2 billion decarbonisation plan that includes renewable energy generation and electric vehicles. Despite their green goals, the company prioritizes financial discipline and economic viability in investments. Executive chairman Andrew Forrest is resolute in Fortescue's commitment to achieving zero emissions by 2030 and reducing reliance on fossil fuels. The company also focuses on exploring critical minerals like copper, lithium, and rare earths. With a positive sentiment towards their green initiatives and financial performance, Fortescue's future plans align with sustainable practices and environmental responsibility.