DIRS.INFO The most relevant business & tech news

☆ 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

☆ 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

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".

☆ 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.

☆ We'll need natural gas for years — but can start blending it with green hydrogen today, CEO says
▼ + stars: | 2023-01-23 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

As the planned transition takes shape, there's been a lot of talk about the relationship between hydrogen and natural gas. "Now, what we can start to do today is … start to blend it with green hydrogen," he added. "But it's just difficult to see that you're going to have enough green hydrogen to substitute it like, in the next 10 years." Produced using electrolysis and renewables like wind and solar, green hydrogen has some high-profile backers. "We see green hydrogen as playing probably the most important role in the energy transition," she said.

☆ 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 has a unique opportunity when it comes to renewables: Fortescue Metals Group
▼ + stars: | 2022-11-30 | 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 EmailAustralia has a unique opportunity when it comes to renewables: Fortescue Metals GroupAustralia has a unique opportunity when it comes to renewables, Elizabeth Gaines, the former CEO and a non-executive director at Fortescue Metals Group, says as she discusses how the country's government and businesses needed to work together.

☆ Biden's Inflation Reduction Act makes green hydrogen profitable at scale, Goldman Sachs says
▼ + stars: | 2022-11-30 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Angel Garcia | Bloomberg | Getty ImagesThe United States' Inflation Reduction Act represents a "turning point" when it comes to the economics of technologies such as renewables and hydrogen, according to Goldman Sachs . "The exception — and I think this is where there could be green shoot[s] — is the Inflation Reduction Act in the U.S.," he added. "It finally makes technologies like green hydrogen, local green battery production [and] carbon capture, profitable in large scale," he added. If the electricity used in this process comes from a renewable source such as wind or solar then some call it "green" or "renewable" hydrogen. The vast majority of hydrogen generation is still based on fossil fuels, but there is a huge amount of interest in the role green hydrogen could play going forward.

☆ 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.

☆ Coca-Cola's sponsorship of COP27 is 'all wrong,' says Andrew Forrest
▼ + stars: | 2022-11-07 | 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 EmailCoca-Cola's sponsorship of COP27 is 'all wrong,' says Andrew ForrestAndrew Forrest, co-founder and chairman of Fortescue Metals Group, says Coca-Cola's sponsorship of COP27 is "all wrong."

☆ These 13 sell-rated global stocks have serious downside risk, Wall Street analysts say
▼ + stars: | 2022-10-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Equity analysts have slashed estimates and price targets over recent days as companies continue to report disappointing third-quarter results. Thirteen of these stocks — all part of the MSCI World Index — have median analyst price targets below their current share price, according to FactSet data. Global stocks Other stocks with price targets below current trading levels include Japanese multinational retailer AEON , U.S.-listed Clorox , and U.K. financial services company Abrdn plc. Equity analysts have slashed estimates and price targets over recent days as companies continue to report disappointing third-quarter results. Thirteen of these stocks — all part of the MSCI World Index — have median analyst price targets below their current share price, according to FactSet data.

☆ 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.

☆ EU crisis opens opportunity for Australian green energy exports -Fortescue
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, Oct 13 (Reuters) - The energy crisis in Europe presents a huge opportunity for Australia to export more green energy, the chief financial officer at Fortescue Future Industries (FFI) said on Thursday. European nations are pushing to boost renewable energy resources amid an energy crisis to move away from Russian gas. read more"There is a huge opportunity for us to export green energy into Europe ... They are absolutely demanding it," said Guy Debelle, chief financial officer at Fortescue Future Industries, at the Citi Annual Investment Conference in Sydney. Fortescue signed a memorandum of understanding with Germany's largest energy group E.ON (EONGn.DE) earlier this year to explore shipping green hydrogen.

☆ Mining Giant Fortescue to Spend Billions in Bid to Eliminate Fossil Fuels by 2030
▼ + stars: | 2022-09-20 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

Fortescue Metals Group will spend more than $6 billion on renewable energy and stop using fossil fuels by 2030, a pledge that the Australian iron-ore giant says will lower energy costs and mark a key step toward producing low-carbon steel. Fortescue is committing to use a combination of wind and solar power, battery storage and hydrogen produced from renewable energy to generate the electricity and fuel needed to extract iron ore, company officials said. Buyers in the steel supply chain could then turn that “green iron ore” into steel.

Workers talk outside an office building at the Fortescue Metals Group (FMG) Christmas Creek iron ore mine located south of Port Hedland in the Pilbara region of Western Australia, November 17, 2015. Register now for FREE unlimited access to Reuters.com RegisterThe world's fourth-largest iron ore producer anticipates cumulative operational savings of $3 billion by 2030 with payback on investment by 2034, and expects to save $818 million in costs per year from 2030 onwards. Fortescue and its green-energy unit Fortescue Future Industries (FFI) are trying to rapidly develop infrastructure and technology to produce green hydrogen, as the miner transitions from a pure-play iron ore producer to a green energy firm. (https://bit.ly/3f3jt2R)The miner expects "attractive economic returns" on operating cost savings after eliminating diesel, natural gas, and carbon offset purchases from its supply chain, it added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sameer Manekar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Fortescue Metals Group"

25 mentions found