ClimateFortuneabout 2 hours ago
Fortescue's $6.2B Green Mining Gamble
11 min read
Fortescue, the $17 billion iron ore giant, plans to spend $6.2 billion by 2030 to eliminate fossil fuels from its Pilbara mines. Executive chairman Andrew Forrest bets the overhaul will cut $1 billion in annual diesel costs and distinguish Fortescue from BHP and Rio Tinto, which have scaled back climate targets. Goldman Sachs downgraded the stock in July, warning the investment has yet to generate returns.
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