Fortescue Metals Group boss Andrew Forrest has talked up the company’s iron ore expansion plans in Africa amid shareholders’ acceptance of its expensive lurch into big-ticket green hydrogen projects.
“We didn’t waste billions and billions of dollars to get 50 per cent of 50 per cent,” Dr Forrest said of the Fortescue investment in Belinga.Fortescue has an agreement on Belinga with the government of Gabon through its 80 per cent stake in joint venture vehicle Ivindo Iron, alongside the Africa Transformation and Industrialisation Fund.
Dr Forrest said Fortescue had done “exactly what we said we’d do over the last year, which some African countries aren’t really used to”. Fortescue’s green hydrogen ambitions through FFI have also started to take shape in the past 12 months with up to $US830 million of capital expenditure expected in 2022-23.
“It is good to be back ... in the job that I love most, building value for you our shareholders while we use our critical mass to leave the world in the best shape that we can,” he said in the emotion-charged address.
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