Fortescue Announces $2.8B Electrification Deal, Chairman Claims 'Future Is Zero Emissions'

Stjepan Kalinic

September 25, 2024

Fortescue Metals (OTC:FSUMF), a leading iron miner, has announced a $2.8 billion investment in fleet electrification. Despite falling iron ore prices and high energy prices that caused it to pause green hydrogen projects earlier this quarter, the company is firmly set on its green transition goals.

The multi-billion transaction will include purchasing 475 emission-free machines, including 360 autonomous battery-electric trucks, 55 electric excavators, and 60 new battery-electric dozers from Germany's Liebherr Group.

"You will watch the breath sucked out from CEOs' chests when they realize this is a $2.8 billion order; This is the future of the heavy industry. And it's zero emissions." Fortescue's chairman, Andrew Forrest, stated, following a Las Vegas mining expo.

Fortescue has set a bold target of reaching net-zero emissions by 2030, a goal that surpasses the ambitions of its peers, Rio Tinto and BHP.

While these competitors are also exploring electric haul trucks and other sustainable initiatives, Fortescue is pushing harder by focusing on eliminating fossil fuel use.

Unlike others who rely on carbon offsets, Forrest's strategy avoids what he calls "greenwashing," aiming for what he describes as "real zero."

Now read: Mining Industry Needs $5.4 Trillion In Investments To Meet 2035 Demand, McKinsey Says

The company has already been testing electric equipment, such as the 55 Liebherr R 9500 E electric excavators, in its Pilbara operations. Once the entire fleet is electrified, Fortescue expects to eliminate approximately 95 million liters of diesel annually.

An important component of Fortescue's electrification is powering its operations using renewable energy. The company currently sources power from a 60MW solar farm at Chichester Hub and plans to expand to 100% renewable power.

The electrification effort has already moved downstream, as the company also announced an agreement with the Downer Group to develop battery-electric trains, pursuing the elimination of emissions on routes from mines to ports.

"The time of others persuading you that greenwashing is a better return to shareholders and your community is over. Fortescue invites you to join us. We can together be the trailblazers who forge the world's move away from fossil fuels," Forrest noted.

Read Next: Moody's Sounds Alarm On Widening Deficits, Diverging Credit Risks: What Trump, Harris Can't Ignore

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