Fortescue playing catch up on iron ore shipments

The Australian Financial Review04-24

Fortescue chief executive for metals Dino Otranto said that was possible after implementing a recovery plan that has involved tweaks to rail operations.Mr Otranto said there was no “fatal flaw” in the...

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The project is now expected to produce just 2 million tonnes in 2023-24.In January, Fortescue downgraded Iron Bridge’s export target to between 2 million and 4 million tonnes; previously the project was expected to ship 5 million tonnes this year.It is almost a year since Dr Forrest declared first production at the $US3.9 billion mine and processing operations, describing it as the biggest relief of his career.Fortescue chief executive of energy Mark Hutchinson will push ahead with plans to build a $US550 million green hydrogen project in Arizona despite concerns about the Biden administration’s proposed tax credit eligibility.AdvertisementFortescue has blasted the draft rule known as 45V which impacts its plans to use tax credits delivered as through the Inflation Reduction Act, and warned they could increase the cost of an 80-megawatt green hydrogen facility by “between 140 and 200 per cent”.“That’s being worked through, and we’re watching and we’ve made our position very clear on that,” Mr Hutchinson said.“On the use of hydrogen, we think there’s many opportunities beyond the energy sector … so we’re not stopping on Phoenix at all.”Phoenix was one of three final investment decisions in green hydrogen and green iron unveiled by Fortescue last November. The others were a $US150 million green hydrogen project at Gladstone in Queensland, and a $US50 million green iron trial plant at Fortescue’s Christmas Creek iron ore mine in WA.Mr Hutchinson said much bigger investment decisions were anticipated this year.“We’ve talked about the first few FIDs kind of priming the pump. We’re now getting on with them. The next a few projects, which will be the largest projects, will come out in Norway and Brazil,” he said. “You’ll see a lot more of those this year.”","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429177404"}