Fortescue has announced its intention to focus on developing a green metal supply chain between Australia and China. The mining giant aims to export green metals to China, where most of its customers are based, with a long-term vision in mind. This strategic plan could potentially reduce over 200 million tonnes of Scope 3 emissions annually, indirectly generated by the company’s operations.
The initiative to establish a fully-integrated Australia-China green metal supply chain follows a visit from Chinese Premier Li Qiang to Fortescue’s green technology facility in Perth. With China accounting for more than half of the world’s steel production, Fortescue is committed to advancing the green energy transition while maintaining financial discipline.
In the latest fiscal year, Fortescue reported a net profit increase of 18% to $5.66 billion and revenue growth of 8% to $18.22 billion. Iron ore shipments reached 191.6 Mt, contributing to the company’s third-highest earnings in history. Progress was made on various green energy projects, including final investment decisions on the Arizona Hydrogen and Gladstone PEM50 projects.
The company also inaugurated the Gladstone Electrolyser Centre in Queensland and commenced sales of electrolyser systems as part of the Fortescue Zero range. Additionally, a 100MW solar farm was completed in Western Australia, and construction began on a high voltage transmission line between Solomon and Eliwana mine sites.
Fortescue’s goal is to interconnect all mines and renewable energy assets into a unified power grid by 2028 and achieve 100% renewable energy usage by 2030. By developing a diverse portfolio across the green energy value chain, Fortescue aims to enhance efficiencies, innovation, and competitiveness while staying agile in response to market dynamics and emerging opportunities.
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