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☆ Outlook for China's iron ore market remains strong amid energy transition, says Fortescue Metals CEO
▼ + stars: | 2024-03-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOutlook for China's iron ore market remains strong amid energy transition, says Fortescue Metals CEODino Otranto, CEO of Australia's Fortescue Metals, discusses the outlook for China's iron ore industry at the Boao Forum for Asia in Hainan.

Persons: Fortescue, Dino Otranto Organizations: Fortescue Metals Locations: Asia, Hainan

☆ Subsidies are crucial to the green transition: podcast
▼ + stars: | 2023-12-05 | by ( Una Galani | ) www.reuters.com time to read: +1 min

Andrew Forrest, Chairman and Founder, Fortescue Metals Group speaks at the Global Energy Transition 2022 conference in New York City, New York, U.S. June 14, 2022. REUTERS/David Dee Delgado Acquire Licensing RightsMUMBAI, Dec 5 (Reuters Breakingviews) - The world is short not of capital, but of projects to fund and sovereigns willing to share risk. In this Exchange podcast, Fortescue’s (FMG.AX) Andrew Forrest discusses why all countries need an IRA and the lessons of leading the world’s fourth-largest iron ore miner through change. Listen to the podcastFollow @ugalani on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Andrew Forrest, David Dee Delgado, Thomas Shum Organizations: Fortescue Metals, Global, REUTERS, Rights, Reuters, Thomson Locations: New York City , New York, U.S

☆ Fortescue shareholders vote against remuneration report
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: 1 min

The logo of Fortescue Metals Group adorns their headquarters in Perth, Australia, November 11, 2015. REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 21 (Reuters) - Australia's Fortescue (FMG.AX) said shareholders did not approve its annual remuneration report at a vote at its annual shareholder meeting on Tuesday. "Based on the votes received to date on this resolution, Fortescue will receive a first strike for the FY 23 remuneration report," said Penny Bingham-Hall who is chair of the company's remuneration committee. "We acknowledge this feedback, particularly in relation to the special one off payments made in the last financial year." Reporting by Melanie Burton; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Australia's Fortescue, FMG.AX, Fortescue, Penny Bingham, Melanie Burton, Christopher Cushing Organizations: Fortescue Metals, REUTERS, Rights MELBOURNE, Hall, Thomson Locations: Perth, Australia

Fortescue approved investments in the U.S. hydrogen hub in Phoenix, Arizona; the Gladstone 50 megawatt green hydrogen project in Queensland, Australia; and the Christmas Creek green iron trial commercial plant in Western Australia. 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. I think some of the market's concerns will be allayed because the capital investment required is pretty minimal in the scheme of things." 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. 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.

Persons: Melanie Burton, Australia's Fortescue, Fortescue, David Coates, BHP, Himanshi, Richard Chang, Clarence Fernandez Organizations: Fortescue Metals Group, REUTERS, Arizona, MELBOURNE, Gladstone, Fortescue Energy, Fortescue, Rio Tinto, Thomson Locations: Pilbara, Port Hedland, Western Australia, U.S, Phoenix , Arizona, Queensland, Australia, Phoenix, Brazil, Kenya, Norway, BellPotter, Sydney, Michigan, New York, Rio, Bengaluru

☆ China, India and the U.S. need to fight the climate crisis together, mining giant says
▼ + stars: | 2023-11-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina, India and the U.S. need to fight the climate crisis together, mining giant saysAndrew Forrest, chairman and founder of Australian miner Fortescue Metals, says the move from fossil fuels toward renewable energy is simple, fair and can be implemented.

Persons: Andrew Forrest, Fortescue Locations: China, India, U.S

☆ Australia's Albanese to highlight trade on China visit as ties warm
▼ + stars: | 2023-11-03 | by ( Kirsty Needham | ) www.reuters.com time to read: +4 min

A quarter of Australia's export earnings come from China, more than the next three trade partners, the United States, South Korea and Japan combined, Albanese said on Tuesday. "Trade as an anchor provides stability and certainty to allow greater engagement while we navigate uncertain currents and obstacles that lie beneath," said Australia China Business Council president David Olsson. Chairman of the Business Council of Australia's global engagement committee, Warwick Smith, said Albanese would highlight the complementary nature of bilateral trade in a speech on Sunday to 500 business people. DIFFICULT TOPICSChina has lauded the visit's timing, on the 50th anniversary of the first to China by an Australian leader, then Prime Minister Gough Whitlam. Although the Albanese government has put dialogue at the centre of its approach to China, most policy remains the same, he said.

Persons: Anthony Albanese, Albanese, Xi Jinping, Richard Marles, David Olsson, Li Qiang, Fortescue, " Olsson, Warwick Smith, Gough Whitlam, Penny Wong, Xiao Qian, Richard Maude, Thomas, Maude, Kirsty Needham, Robert Birsel Organizations: SYDNEY, Australia China Business, Fortescue Metals, Rio Tinto, BHP, Business Council, Asia Society Australia, America, Thomson Locations: China, Shanghai, South, Beijing, Australia, United States, Canberra, Britain, Washington, South Korea, Japan, Rio, CIIE, Philippines, Taiwan

☆ Fortescue founder toys with reverse greenwashing
▼ + stars: | 2023-09-01 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

First the $43 billion iron ore miner’s CEO, Fiona Hick, left abruptly on Sunday, barely six months after joining. But in trying to shrug off the mounting exodus, founder and Executive Chair Andrew Forrest, also known as Twiggy, introduces a new risk: reverse greenwashing. His approach to the energy transition is forcing a lot of change on the company in short order. That process surely would have involved rigorous discussions to ensure they were on board with Forrest’s goals and methods. That makes his absolutist twist to climate spin as unhelpful as the more traditional form of greenwashing.

Persons: Oscar Wilde, Fortescue, Fiona Hick, Christine Morris, Guy Debelle, Andrew Forrest, Twiggy, Forrest, Hick, Morris, Una Galani, Thomas Shum Organizations: Reuters, Fortescue Metals, Reserve Bank of Australia, Fortescue Future Industries, Australian, Thomson Locations: MELBOURNE, Tivan

A truck carrying iron ore moves along a road at the Fortescue Metals Christmas Creek iron ore mine located south of Port Hedland in the Pilbara region of Western Australia, November 17, 2015. But it's worth noting that China's two main imports from Australia, iron ore and liquefied natural gas (LNG), were left untouched throughout the dispute. China gets about 70% of its iron ore from Australia and about one-third of its LNG, some of it under a low, fixed-price contract signed two decades ago. But overall it would seem that the ending of Beijing's trade actions against Australia will be net positive for both countries. This suggests Beijing didn't learn the lessons from the trade tariffs imposed on it by the U.S. administration of former president Donald Trump.

Persons: Jim Regan, hadn't, Beijing didn't, Donald Trump, Trump, Sonali Paul Organizations: Fortescue, REUTERS, China's Ministry of Commerce, Australia, Labor Party, Liberal, National, Labor, Canberra, Beijing, Reuters, Thomson Locations: Port Hedland, Pilbara, Western Australia, LAUNCESTON, Australia, China, China's, Beijing, Canberra, Indonesia, Russia, United States, India, Vietnam, U.S, Ukraine

☆ This high-yield bond fund with 'conservative' assets offers 10% in dividends
▼ + stars: | 2023-07-14 | by ( Ganesh Rao | ) www.cnbc.com time to read: +5 min

The Liontrust GF High Yield Bond fund has become notable thanks to one thing: A 10% dividend yield. "It's got a very high-quality credit rating, I would argue," said Donald Phillips, one of the portfolio managers behind the fund. fund manager, Liontrust GF High Yield Bond fund Donald Phillips It also holds debt considered relatively riskier by credit rating agencies but one that Phillips believes has been mispriced. The value of a credit default swap increases when the risk of default rises. He highlighted that their fund yields higher returns and charges lower fees than many similar index ETFs.

Persons: It's, Donald Phillips, Phillips, Fortescue, it's, Biden Organizations: Fortescue Metals, Liontrust, ETF Locations: Europe, CeramTec

☆ This core stock position gets a trim and a new rating after a fantastic run
▼ + stars: | 2023-07-10 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

We are selling 30 shares of Caterpillar (CAT) at roughly $247.72. Following the trade, Jim Cramer's Charitable Trust will own 340 shares of CAT, decreasing its weighting in the portfolio to 3% from 3.27%. Industrials are the top-performing sector in the market Monday, and we are jumping on that strength to let go of a little bit of Caterpillar (CAT) shares after a great run. Monday's sale is what we call "trimming around a core position." Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim Cramer, Jim Organizations: Caterpillar, CAT, CNBC, Fortescue Metals Group, Western Australia Bloomberg, Bloomberg, Getty Locations: Pilbara, Western Australia

☆ Fortescue expands battery and electric powertrain output in UK with new plant
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 19 (Reuters) - Australian miner Fortescue Metals (FMG.AX) is expanding its battery and electric powertrain production operations in the UK with a new plant in Oxfordshire, its green power arm Fortescue Future Industries (FFI) said on Monday. The Banbury facility will open in 2024 and operate alongside Fortescue’s other Oxfordshire facilities including the Kidlington factory which will open later this year, FFI said in a press release. The new plant will focus primarily on manufacturing of heavy industry, electric and zero-emission powertrain systems and will offer automated assembly for battery modules and packs. The world's fourth largest iron ore maker, Fortescue is expanding into production of hydrogen from renewable resources, known as green hydrogen, under its Fortescue Future Industries (FFI) unit, and aims to become a global powerhouse in renewable energy. read moreReporting by Jaskiran Singh in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Fortescue, FFI, Kemi Badenoch, Jaskiran Singh, Kim Coghill Organizations: Fortescue Future Industries, Trade, Thomson Locations: Oxfordshire, Banbury, Bengaluru

The referendum, which comes amid a wider reckoning over race relations, proposes to change the constitution and establish an advisory body called the Indigenous Voice to Parliament to give Indigenous Australians a direct say in policies that affect them. Five of those polled were funding or planned to fund the "Yes" campaign, while none endorsed nor were contributing to "No". Commonwealth Bank told Reuters it plans to fund the "Yes" campaign and had hosted two panel discussions with Indigenous speakers. Rio Tinto, which faced criticism in 2020 for destroying Indigenous rock shelters, said the Voice would bring an "additional lens" to government decision-making. Aurora Milroy, a lecturer in Indigenous affairs at the University of Western Australia, said supporting the Voice was easy publicity for companies.

Persons: Rita Wright, Loren Elliott, Anthony Albanese, Intifar Chowdhury, Albanese, Meg O'Neill, Ross Piper, Baker McKenzie, Thomas Mayo, Kate Gillingham, Peter Dutton, Coles, Rio Tinto, Fortescue, Aurora Milroy, Byron Kaye, Praveen Menon, Melanie Burton, David Crawshaw, Devayani, Anant Chandak, Veronica Khongwir, Sujith Pai Organizations: Australian, REUTERS, Australia's, BHP, Rio Tinto, Woodside Energy, Commonwealth Bank of Australia, Labor, Voice, National, Nine Entertainment, Reuters, Commonwealth Bank, Ethical Investment, Qantas, Australian Financial, Liberal, Fair Australia, Miners, Fortescue Metals, University of Western, Thomson Locations: Sydney, Australia, Rio, Western Australia, Woodside, Queensland, University of Western Australia, Melbourne

☆ Aussie billionaires’ solar spat enters new phase
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 29 (Reuters Breakingviews) - The battle between two of Australia’s richest men for control of bankrupt renewables startup Sun Cable has ended in a whimper. Surprisingly absent from the final bout was Squadron Energy, one of Fortescue Metals (FMG.AX) founder Andrew Forrest’s investment companies. Both were early investors in Sun Cable; their spat over its strategy plunged the firm into administration in January. Cannon-Brookes wants to stick to the original plan of sending most of the energy it produces to Singapore via an undersea cable. Now the race is on to see which of the two men is first to flick the on switch.

Shortly after the opening bell Monday, we're buying 40 shares of Caterpillar (CAT), at roughly $215.90 apiece. Following the trade, Jim Cramer's Charitable Trust will own 370 shares of CAT, increasing its weighting in the portfolio to 2.99% from 2.68%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

In Norway, this will be exported to Europe, while in Kenya it will be turned into fertiliser for local farmers. FLAT IRON ORE OUTPUTFortescue on Monday posted steady iron ore shipments in the March quarter, while costs jumped 12%, but retained its full year shipment guidance despite a cyclone this month that disrupted exports from Australia's iron ore hub. Shares in the world's fourth largest iron ore miner fell as much as 5.3%, underperforming a 2.2% drop in the broader mining sector (.AXMJ) amid a drop in iron ore prices to near four-month lows on demand concerns. It left its shipments guidance for the year to June 2023 unchanged at 187 Mt to 192 Mt. Fortescue said it aims to start mining at its Belinga Iron Ore project in Gabon in the second half of 2023.

☆ Going against the grain: We're nibbling on weakness and selling into strength
▼ + stars: | 2023-04-04 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

We are buying 20 shares of Caterpillar (CAT) at roughly $217.39 and selling 20 shares of Eli Lilly (LLY) at roughly $355.11. With the market dumping the cyclicals and favoring the defensives today, we are going against the grain by nibbling on weakness (Caterpillar) and selling into strength (Eli Lilly). As for Eli Lilly, the recent rotation back into pharmaceutical stocks has pushed LLY back near $360, which is about where it started in 2023. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ China's strong demand for commodities to overtake post-2008 crisis, mining giant says
▼ + stars: | 2023-03-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

The Australian iron ore giant began business in China with a 180,000-metric ton shipment of iron ore in 2008, according to the company's website. At that time, China managed to avoid a prolonged recession with a massive stimulus program that supported infrastructure development — which drove up demand for commodities. What we're seeing now is uniform demand across China. "What we're seeing now is uniform demand across China," Forrest said, "and uniform demand but increasing, thankfully, in the supply chain, the ecosystem which will create [for the] renewable energy industry." In the six months ended Dec. 31, Fortescue said it shipped a record 96.9 million metric tons of iron ore — up 4% from a year ago.

☆ Australian prime minister seeks to diversify trade, investment on visit to India
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: +1 min

Australian Prime Minister Anthony Albanese said on Tuesday his government wants to diversify trade and foreign investment partners, as he prepares to lead a business delegation to India which he said shares Australia's democratic values. China is easily Australia's largest trading partner, although a diplomatic dispute has resulted in what Australia calls "trade blockages" being imposed by China on a raft of Australia's exports. Canberra has asked Beijing to remove those blockages as the two nations resume talks after a years-long diplomatic freeze. Business leaders across transport, resources, finance, higher education, architecture and energy will on Wednesday accompany Albanese to India, which is Australia's sixth largest trading partner. The delegation includes Macquarie Group Chief Executive Shemara Wikramanayake, Commonwealth Bank of Australia Chief Executive Matt Comyn, Fortescue Metals Group founder Andrew Forrest, Universities Australia Chief Executive Catriona Jackson, and executives from BHP , Rio Tinto and Graincorp .

☆ Australian PM seeks to diversify trade, investment on India visit
▼ + stars: | 2023-03-06 | by ( Kirsty Needham | ) www.reuters.com time to read: +3 min

SYDNEY, March 7 (Reuters) - Australian Prime Minister Anthony Albanese said on Tuesday his government wants to diversify trade and foreign investment partners, as he prepares to lead a business delegation to India which he said shares Australia's democratic values. China is easily Australia's largest trading partner, although a diplomatic dispute has resulted in what Australia calls "trade blockages" being imposed by China on a raft of Australia's exports. Business leaders across transport, resources, finance, higher education, architecture and energy will on Wednesday accompany Albanese to India, which is Australia's sixth largest trading partner. "We can do all these things as well as remaining a trusted and reliable supplier of energy to key trading partners such as Japan and the Republic of Korea," he added. Albanese said Australia would be "deepening and diversifying our international investment and trade links".

☆ Australian exporters rekindle China ties amid diplomatic thaw
▼ + stars: | 2023-02-27 | by ( Lewis Jackson | ) www.reuters.com time to read: +5 min

Australian business leaders are following the political signals. Fortescue Metals (FMG.AX) founder Andrew Forrest, BHP (BHP.AX) head Mike Henry and Tim Ford, chief executive of tariff-hit winemaker Treasury Wine Estate (TWE.AX), have scheduled visits to China in March. At least 15 vessels carrying Australian coal were bound for China last week as traders bet already-reduced trade barriers will fall further. "People are starting to get on the front foot," Grain Trade Australia Chief Executive Pat O'Shannassy told Reuters. A shipment of Australian coal diverted to Vietnam last week after waiting at a Chinese port for five days without unloading.

☆ BHP investors aren’t seeing the wood for the trees
▼ + stars: | 2023-02-21 | by ( Antony Currie | ) www.reuters.com time to read: +4 min

Granted, BHP’s earnings of $6.5 billion for the six months to the end of December missed estimates by some 7%. BHP’s investors are missing a bit of the wood for the trees. Iron age: Miners are rallying as iron ore prices riseFollow @AntonyMCurrie on Twitter(The author is a Reuters Breakingviews columnist. The company attributed the drop to lower prices for iron ore and copper. BHP is paying a dividend of 90 cents a share for the period, down from $1.50 a share a year earlier.

☆ Fortescue sees solid iron ore demand this year on China property support
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +1 min

Australia's Fortescue Metals said it expects solid iron ore demand this year given China's support for its property and construction sectors, as it reported lower profit and dividends for the first half and flagged persistent inflationary pressure. Fortescue was seeing "really good" demand for its lower grade iron ore after the Chinese New Year, given compressed margins at steelmakers, Chief Executive Fiona Hicks said on Wednesday. Steelmakers tend to buy cheaper ore when their profits are under pressure. Against that backdrop, Fortescue is set to retrench up to 1,000 staff from global and local operations, the Australian newspaper reported last week. Company executives did not confirm job cuts, but founder and executive chairman Andrew Forrest said: "The typical pattern of Fortescue we grow, steady the ship, consolidate ... and grow again."

☆ Fortescue Metals preparing to cut up to 1,000 jobs, The Australian reports
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Feb 9 (Reuters) - Fortescue Metals Group (FMG.AX) is looking to cut up to 1,000 jobs across its back office and clean energy unit as part of a cost-cutting exercise, The Australian reported on Thursday, less than week before Fortescue reports half-yearly results. 4 iron ore miner said any significant changes to the number of its employees require board approval, which has not been received. Fortescue reports results for the six months through December on Feb. 15. The company is preparing to cut costs despite a more than three-month rally in iron ore prices as traders bid up the metal in anticipation of China's economy reopening from pandemic restrictions. The Australian reported that job losses at the company's Pilbara region mining operations are likely, although safety staff and production workers would probably be exempt.

☆ The world is creating more single-use plastic waste than ever, report finds
▼ + stars: | 2023-02-05 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +4 min

Brisbane, Australia CNN —The world is producing a record amount of single-use plastic waste, mostly made from polymers created from fossil fuels, despite global efforts to reduce plastic pollution and carbon emissions, according to a new report released Monday. The second Plastic Waste Makers Index, compiled by the philanthropic Minderoo Foundation, found the world generated 139 million metric tons of single-use plastic waste in 2021, which was 6 million metric tons more than in 2019, when the first index was released. In recent years, governments around the world have announced policies to reduce the volume of single-use plastic, banning products like single-use straws, disposable cutlery, food containers, cotton swabs, bags and balloons. Many countries have banned single-use plastic plates and cutlery. In the developing world, it’ll lead to people who would not otherwise have any work, having work making sure there’s no plastic waste going into the ocean, there’s no plastic waste on streets, there’s no plastic waste poisoning wildlife,” he said.

☆ Plug Power scraps electrolyser plant partnership with Fortescue
▼ + stars: | 2023-01-27 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

SummarySummary Companies Plug Power questions plant's economicsFFI wants to use its own electrolyser technologyNo change to capital cost at $83 millionMELBOURNE, Jan 27 (Reuters) - Plug Power (PLUG.O) has walked away from building an electrolyser manufacturing plant in Australia with Fortescue Metals Group (FMG.AX) as the economics did not work, Plug Chief Executive Officer Andrew Marsh said on Thursday. Fortescue had planned to build the world's biggest factory to make electrolysers with Plug Power and began construction in Gladstone in Australia's northeast last February aiming to produce their first electrolyser in 2023. In a business update on Thursday, Plug Power CEO Marsh said the plant deal with Fortescue was off. Fortescue wants to use its own electrolyser technology instead of Plug Power's technology, although it will buy electrolysers from the U.S. company for some of its hydrogen projects, Fortescue founder and executive chairman Andrew Forrest said. "I think Plug Power is very much locked in to certain technology and on a production cycle," Hutchinson told analysts on a quarterly call.

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