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☆ 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

☆ Every country needs an Inflation Reduction Act
▼ + stars: | 2023-11-23 | by ( Antony Currie | ) www.reuters.com time to read: +9 min

REUTERS/David Gray/File Photo Acquire Licensing RightsMELBOURNE, Nov 23 (Reuters Breakingviews) - Lawmakers in South Korea blasted the U.S. Inflation Reduction Act as a betrayal. Yet concerns about market distortion from the policy intended to stimulate investment in the energy transition and signed into law by President Joe Biden in August 2022 are easing. The Biden administration’s willingness to negotiate on its package of $370 billion of tax breaks and other measures has helped. Reuters GraphicsTrouble is, governments also need to show that they will be fiscally responsible stewards of the energy transition in the short term – especially with inflation still a threat and budgets under pressure. In a speech on Nov. 2 about enabling Australia’s energy transition, Treasurer Jim Chalmers said that “incentives like the type we’ve seen in the Inflation Reduction Act in the United States can be part of an answer but they’re not the whole answer”.

Persons: David Brockwell, David Gray, Australia’s Fortescue, FMG.AX, Joe Biden, Biden, –, Goldman Sachs reckons, ’, Uncle Sam, Fumio, Jim Chalmers, they’re, Chalmers, Una Galani, Thomas Shum Organizations: REUTERS, Rights MELBOURNE, Reuters, Australia, Washington, European, of America, Labor Energy Partnership, U.S, Canberra, Climate Energy Finance, Climate Capital Forum, Deloitte, National Australia Bank, quicken, Thomson Locations: Lake George, Canberra, South Korea, United States, Seoul, European Union, U.S, Japan, Washington, EU, Australia

☆ 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

☆ 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

☆ In Australia's outback, Rio Tinto prepares for a low carbon future
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

Rio Tinto hosted media to Gudai-darri's mine, plant and 34 megawatt solar farm last week, as well as its Dampier port and rail operations. At Gudai-darri, Rio will not mine below the water table in order to conserve an aquifer important to the Banjima people. Iron ore exports were worth A$124 billion ($78.79 billion) last year. Earlier this month, Aboriginal elders walked off a heritage survey on a Rio Tinto iron ore project over concerns it had played down the harm it caused them after blasting impacted an Indigenous rock shelter in August. Rio, which began shipping iron ore in 1966, shares the region with other iron ore majors including BHP Group (BHP.AX) and Fortescue (FMG.AX).

Persons: Melanie Burton, Fortescue, Rio, Miral Organizations: REUTERS, Rio Tinto, BHP Group, Thomson Locations: Rio, Dampier, Port Dampier, Perth, Australia, DAMPIER, Western Australia, Rio Tinto's, darri, Rio Tinto

☆ 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 worker walks near conveyer belts loaded with iron ore at the Fortescue Solomon iron ore mine located in the Valley of the Kings, around 400 km (248 miles) south of Port Hedland in the Pilbara region of Western Australia December 2, 2013. The world's fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the company's Iron Bridge project resulted in a pre-tax impairment charge of $1 billion. The company said rising interest rates and industry-wide inflation had fuelled the asset write-down at its Iron Bridge project, a major plank in the group's growth strategy.

Persons: Fortescue Solomon, David Gray, Australia's Fortescue, Fiona Hick, Fortescue, Echha Jain, Roushni Nair, Rashmi Organizations: REUTERS, Metals, Fortescue Future Industries, Fortescue Energy, Gibson, Phoenix Hydrogen, Thomson Locations: Port Hedland, Pilbara, Western Australia, Australia, Bengaluru

☆ 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.

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.

☆ Cyclone Ilsa hits Australia's northwest, misses iron ore export hub
▼ + stars: | 2023-04-13 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, April 14 (Reuters) - A tropical cyclone smashed into Australia's northwest coast as a category 5 storm, setting new wind speed records, but has largely spared populated regions including the world's largest iron ore export hub at Port Hedland, authorities said on Friday. "Port Hedland ... escaped the brunt of the cyclone at this stage. "As it moves inland and the sun comes up, we can expect it to still be a severe tropical cyclone," the weather bureau's hazard response manager Shenagh Gamble said. Ilsa is expected to weaken to a tropical low overnight and move into the southern parts of the Northern Territory. Destructive winds could hit the remote inland mining town of Telfer, where Newcrest Mining (NCM.AX) operates a fly-in-fly-out gold and copper mine.

☆ Australia's northwest braces for strongest cyclone in a decade
▼ + stars: | 2023-04-13 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

Cyclone Ilsa, located about 300 km (186 miles) off Australia's coast in the Indian Ocean, was on Thursday morning upgraded to a category four storm - one rung below the strongest category five. Port Hedland is the world's biggest export point for iron ore and is used by BHP Group (BHP.AX), Fortescue (FMG.AX) and billionaire Gina Rinehart's Hancock Prospecting. Rio Tinto (RIO.AX) exports out of Port of Dampier, which lies to the west of Port Hedland. It will be the strongest system to hit the country's far northwest region since Cyclone Christine crossed the coast in December 2013, weather bureau forecaster Jessica Lingard said. BHP in an emailed response said it was closely tracking the cyclone but its mining and rail operations were continuing.

☆ 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.

BENGALURU/MELBOURNE, Feb 14 (Reuters) - Australia's iron ore giants BHP Group, Rio Tinto and Fortescue are set to report a steep drop in their earnings, which is set to compress their payouts to shareholders, after China's COVID lockdown drove down iron ore prices. Average realised prices for iron ore fell sharply in the six months to December, hitting earnings. First-half net profit at Fortescue, reporting on Feb. 15, is seen declining to $2.34 billion from $2.78 billion. Underlying half-year profit at Rio Tinto, which reports on a calendar year cycle, is seen declining 48% to $4.77 billion from $9.21 billion. Rio will report on Feb. 22.

☆ 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.

☆ 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.

☆ TotalEnergies may buy green power from Fortescue in Papua New Guinea -regulator
▼ + stars: | 2022-12-08 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

SYDNEY, Dec 8 (Reuters) - Fortescue Future Industries is in talks with TotalEnergies to supply power to the fossil fuel company's Papua LNG project from a series of proposed renewable energy projects that a senior official says recently completed feasibility assessments. "Fortescue Future Industries is exploring a range of energy supply and offtake agreements globally for the supply of green energy," said an FFI spokesperson in response to a Reuters query. Fortescue Metals Group (FMG.AX) founder Andrew Forrest signed a flurry of green hydrogen deals over 2020 and 2021 as the iron ore miner's wholly owned clean energy subsidiary looks to become a major green hydrogen producer. Feasibility studies for hydropower projects are also completed, with priority given to a project which could provide power to Papua LNG. He expected FFI would make final investment decisions for the hydropower and geothermal projects in 2023.

Forrest said in a statement Squadron had acquired CWP Renewables but did not disclose the price. And the more we create and deploy new renewable energy, the cheaper it becomes for every Australian and the world," Forrest told Reuters after the announcement. With CWP Renewables, Squadron would have the scale it needs to meet demand from large commercial and industrial customers for reliable green energy in eastern Australia, he said. Willoughby said CWP aimed to give the go-ahead by March 2023 to build a 400 MW wind farm, which would cost more than A$1 billion. There are literally trillions of dollars of capital looking for green energy projects," he said.

SYDNEY/MELBOURNE, Dec 7 (Reuters) - Mining billionaire Andrew Forrest's private firm Squadron Energy has acquired CWP Renewables in Australia for more than A$4 billion ($2.7 billion), three people familiar with the deal said on Wednesday. Forrest said in a statement Squadron had acquired CWP Renewables, owner of 1.1 gigawatts of wind farms and a development pipeline of 1.3 GW of wind and solar farms in Australia, but did not disclose the price. CWP was sold by Swiss-based investor Partners Group (PGHN.S), which said it built the Australian business up after first investing in the Sapphire Wind Farm in the state of New South Wales in 2016. Other companies that had looked at CWP included Spain's Iberdrola (IBE.MC), Tilt Renewables, partly owned by AGL Energy (AGL.AX), and Origin Energy (ORG.AX), all aiming to expand in renewable energy as Australia speeds up its transition away from coal-fired power. With CWP Renewables, Squadron would have the scale it needs in eastern Australia to meet demand from large commercial and industrial customers for reliable green energy, Forrest said.

☆ Australia's Fortescue taps Woodside veteran as CEO amid green energy push
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Australia's Fortescue Metals Group (FMG) can be seen on a bulk carrier as it is loaded with iron ore at the coastal town of Port Hedland in Western Australia, November 29, 2018. REUTERS/Melanie Burton/File PhotoNov 29 (Reuters) - Australia's Fortescue Metals Group (FMG.AX) on Tuesday appointed former Woodside Energy (WDS.AX) executive Fiona Hick as its chief executive officer, effective February 2023, as Elizabeth Gaines made way for a new boss in August. Hick joins Fortescue at a time when the iron ore giant is delving into mining of critical minerals and rare-earths and is also striving to transition into a green energy firm through its unit Fortescue Future Industries (FFI). She will lead Fortescue Metals' mining arm, culminating a year-long search by the company's billionaire-founder and chairman Andrew Forrest. Gaines, who oversaw a tripling in the share price of one of the world's biggest iron ore miners in the past four years, remains on Fortescue's board as a non-executive director.

☆ Fortescue Metals posts rise in iron ore shipments, costs grow
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Australia's Fortescue Metals Group (FMG.AX) on Thursday reported a 4.2% rise in iron ore shipments for the first quarter, boosted by higher production at its key operations in Western Australia. However, rising prices of diesel and labour pushed Fortescue's direct costs 16% higher year-over-year to $17.69 per wet metric tonne (wmt). The world's fourth-largest iron ore miner said it shipped 47.5 million tonnes (mt) of iron ore in the quarter ended Sept. 30, compared with 45.6 mt a year earlier. The company, however, kept its full-year guidance unchanged, expecting to ship between 187 million tonnes to 192 million tonnes of ore in fiscal 2023. Reporting by Jaskiran Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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