FMG - Fortescue Ltd

[basilio]

Twiggy is back in the news again.

Angus Taylor has announced the Federal Government is going to award carbon credits (subsidies..) worth $250m to carbon capture technologies. Twiggy says this is a great sound bite but essentially zissing money into the pockets of the fossil fuel industry.

The abject failure of previous carbon capture projects at massive public expense is on the record.

Twiggy is leading industry into massive clean renewable energy ventures - not propping up dead end fossil fuel projects with expensive, dodgy bandaids.

Andrew Forrest criticises use of carbon capture and storage saying it fails ‘19 out of 20 times’​

As the Morrison government invests $250m in the technology, the Fortescue metals chief says ‘it’s a good soundbite but it doesn’t work’

• Get our free news app; get our morning email briefing

Fortescue Metals Group head Andrew Forrest says carbon capture storage technology is a failure and you can’t ‘wave a wand’ to make it work. Photograph: Maksim Konstantinov/SOPA Image/REX/Shutterstock

Lisa Cox
Mon 4 Oct 2021 01.17 EDT
Last modified on Mon 4 Oct 2021 01.48 EDT



Fortescue Metals Group boss Andrew Forrest has criticised “failed” carbon capture and storage technology and said the general population is entitled to feel sceptical about its use.
As the Morrison government moves to award carbon credits to fossil fuel projects that promise to capture and store carbon dioxide, the mining billionaire has told a podcast such projects had failed “19 out of 20 times”.

Speaking to the Good Will Hunters podcast, Forrest pointed to his home state of Western Australia, where Chevron’s CCS facility at its Gorgon liquefied natural gas development failed to meet a requirement to capture and bury at least 80% of the project’s emissions during its first five years.

Andrew Forrest criticises use of carbon capture and storage saying it fails ‘19 out of 20 times’

As the Morrison government invests $250m in the technology, the Fortescue metals chief says ‘it’s a good soundbite but it doesn’t work’

www.theguardian.com

Gas and coal companies among recipients of $50m in Coalition grants from carbon capture fund

Santos liquified natural gas scheme among six projects to receive public support

www.theguardian.com

‘A shocking failure’: Chevron criticised for missing carbon capture target at WA gas project

The Western Australian environment minister is seeking an explanation after the energy company fell short of its five-year target

www.theguardian.com

 

[qldfrog]

I think it is now a decent bet : picked a decent parcel at $14.58
wait and see

 

[sptrawler]

I think it is now a decent bet : picked a decent parcel at $14.58
wait and see

I'm still keeping my powder dry, I bet you are right. ?

 

[tech/a]

It’s not a big risk to the point that you will
know that your likely wrong. Dont know that it’s an obvious trade.
Either way your on it!

 

[over9k]

Everything's fine. What are you worried about?

 

[over9k]

This is fine. Nothing to see here, nothing to do with iron ore/fmg here at all. Nope.

 

[qldfrog]

It’s not a big risk to the point that you will
know that your likely wrong. Dont know that it’s an obvious trade.
Either way your on it!

Définitively not an obvious trade.
My SL got me out of S32 and other major commodity players lately.wanting to reenter, i thought better to go to established but lower price FMG.
As the US market is crashing, that was probably a mistake..

 

[basilio]

FMG announced it's goals to achieve Scope 3 net zero emissions by 2040. Involves massive changes to their operations and supplying the green hydrogen and developing the technologies that will enable other industries to become carbon neutral.
The intention to enable crude steel manufacturing to become green within 20 years is breath taking.

FORTESCUE ANNOUNCES TARGET TO ACHIEVE NET ZERO SCOPE 3 EMISSIONS

Green hydrogen supplied by Fortescue Future Industries (FFI) the key enabler

Fortescue Metals Group Ltd (Fortescue, ASX: FMG) has today announced an industry leading target to achieve net zero Scope 3 emissions by 2040, addressing emissions across Fortescue’s entire global value chain, including crude steel manufacturing which accounts for 98 per cent of the Company’s Scope 3 emissions.

Fortescue’s approach to reducing Scope 3 emissions is to develop projects and technologies with a focus on reducing emissions from iron and steel making and to work with current and prospective customers on the application of the technology and the supply of green hydrogen and ammonia from FFI. Fortescue will also prioritise the decarbonisation of its own fleet of eight ore carriers and engage with shipping partners to reduce, and aiming to eliminate, emissions from shipping.

FFI is targeting the production of 15 million tonnes of green hydrogen annually by 2030, which will underpin opportunities to work with customers and shipping partners on emissions reduction and elimination projects. In addition to the long-term goal to achieve net zero Scope 3 emissions by 2040, the following medium-term targets have been set:
• Enable a reduction in emissions intensity levels from the shipping of Fortescue’s ores by 50 per cent by 2030 from FY21 levels
• Enable a reduction in emissions intensity levels from steel making by Fortescue’s customers of 7.5 per cent by 2030 from FY21 levels, to 100 per cent by 2040.

Fortescue Chief Executive Officer, Ms Elizabeth Gaines, said, “Climate change is the most pressing issue of our generation and at Fortescue, setting stretch targets is at the core of our culture and Values and we are proud to set this goal to tackle emissions across our value chain.

“Fortescue has commenced its transition from a pure play iron ore producer to a green renewables and resources company, underpinned by the world’s first major carbon emission heavy industry operation to set a target to achieve carbon neutrality by 2030. This Scope 3 target is consistent with this transition and complements our targets for Scope 1 and 2 emissions reduction.

“Collaboration is integral to driving the rapid transition to green energy, and we remain committed to actively engaging with our customers, suppliers and other key industry participants to facilitate the reduction of emissions. This includes the development of technologies and the supply of green hydrogen and ammonia through FFI, which will provide significant opportunities for the steel, cement and land and sea transport industries to decarbonise,” Ms Gaines said.

To achieve the target, Fortescue and FFI are focused on accelerating a number of key initiatives:
• Conversion of existing maritime vessels, including Fortescue’s fleet of ore carriers, to be fuelled by green ammonia
• Supporting the adoption of green ammonia in new vessel construction
• Pursuing opportunities for emissions reduction and elimination in iron and steel making, facilitated by the use of renewable energy and green hydrogen
• Research and development work to produce green iron and cement from Fortescue ores at low temperatures without coal.

FFI Chief Executive Officer, Ms Julie Shuttleworth, said, “Our investments in technologies and research and development are focused on demonstrating that the production of iron ore, cement, iron and steel can operate with renewable energy.

“Our work to decarbonise Fortescue’s iron ore operations will position Fortescue as the first major supplier of green iron ore in the world, paving the way for production of green iron and a new green steel industry,” Ms Shuttleworth said.

 

[qldfrog]

Définitively not an obvious trade.
My SL got me out of S32 and other major commodity players lately.wanting to reenter, i thought better to go to established but lower price FMG.
As the US market is crashing, that was probably a mistake..

-2.8%, so far relatively wide SL in place

 

[qldfrog]

-2.8%, so far relatively wide SL in place

https://www.smh.com.au/business/com...bon-target-for-customers-20211005-p58xa6.html
With all the woke bright investors behind, the sky is the limit?

 

[dat111]

Twiggy is back in the news again.

Angus Taylor has announced the Federal Government is going to award carbon credits (subsidies..) worth $250m to carbon capture technologies. Twiggy says this is a great sound bite but essentially zissing money into the pockets of the fossil fuel industry.

The abject failure of previous carbon capture projects at massive public expense is on the record.

Twiggy is leading industry into massive clean renewable energy ventures - not propping up dead end fossil fuel projects with expensive, dodgy bandaids.

Andrew Forrest criticises use of carbon capture and storage saying it fails ‘19 out of 20 times’​

As the Morrison government invests $250m in the technology, the Fortescue metals chief says ‘it’s a good soundbite but it doesn’t work’

• Get our free news app; get our morning email briefing

View attachment 131046
Fortescue Metals Group head Andrew Forrest says carbon capture storage technology is a failure and you can’t ‘wave a wand’ to make it work. Photograph: Maksim Konstantinov/SOPA Image/REX/Shutterstock

Lisa Cox
Mon 4 Oct 2021 01.17 EDT
Last modified on Mon 4 Oct 2021 01.48 EDT



Fortescue Metals Group boss Andrew Forrest has criticised “failed” carbon capture and storage technology and said the general population is entitled to feel sceptical about its use.
As the Morrison government moves to award carbon credits to fossil fuel projects that promise to capture and store carbon dioxide, the mining billionaire has told a podcast such projects had failed “19 out of 20 times”.

Speaking to the Good Will Hunters podcast, Forrest pointed to his home state of Western Australia, where Chevron’s CCS facility at its Gorgon liquefied natural gas development failed to meet a requirement to capture and bury at least 80% of the project’s emissions during its first five years.

Andrew Forrest criticises use of carbon capture and storage saying it fails ‘19 out of 20 times’

As the Morrison government invests $250m in the technology, the Fortescue metals chief says ‘it’s a good soundbite but it doesn’t work’

www.theguardian.com

Gas and coal companies among recipients of $50m in Coalition grants from carbon capture fund

Santos liquified natural gas scheme among six projects to receive public support

www.theguardian.com

‘A shocking failure’: Chevron criticised for missing carbon capture target at WA gas project

The Western Australian environment minister is seeking an explanation after the energy company fell short of its five-year target

www.theguardian.com

You do realize that 250m is nothing... Twiggy received 7 times this amount in dividends last month...

 

[divs4ever]

$250 million is probably more than i can waste in the rest of my lifetime , but if Twiggy can spend some of that on successful projects , it probably hasn't been wasted

and Twiggy has earned those divs , just like any other shareholder , good for him

 

[basilio]

You do realize that 250m is nothing... Twiggy received 7 times this amount in dividends last month...

Dat I suggest your comment misses the point. Twiggy was noting the engineering and environmental stupidity of supporting Carbon Capture as a response to reducing CO2 emissions. He is one of the few industry leaders who understands how serious the CC problem is and the need for super fast action in the right directions. He and everyone else in the power industry realise that :

1) Carbon Capture programs have had serious engineering problems to date
2) In almost all case the additional cost to production just makes the whole process economically nonviable. It is simply far more effective to build a wind/solar plus storage facility

There may be a few industries that can catch and store CO2 in a viable way. But not the ones being supported.

 

[sptrawler]

Another Chinese property developer in trouble, could this be China's way of reducing demand for iron ore, or just all a coincidence?

China’s property sector in turmoil as another developer hits trouble

A missed bond payment by Chinese developer Fantasia has reignited investor angst about the health of the nation’s property sector.

www.theage.com.au

It would be interesting to know how much of China's residential property is under utilised, or have all the empty cities been filled with the urbanisation project.

 

[over9k]

Domino #2 is now going:

 

[UMike]

Just as I am having my first dabble.

 

[over9k]

Yank futures are deep into the red after yesterday's bounce too.

I've said many times this was not a buy the dip play and aside from a quick & dirty scalp of LNAS the other day I haven't bought back in to anything. Still holding my energy and bank stocks, that's all. Mostly cash & bitcoin now.

 

[sptrawler]

Yank futures are deep into the red after yesterday's bounce too.

I've said many times this was not a buy the dip play and aside from a quick & dirty scalp of LNAS the other day I haven't bought back in to anything. Still holding my energy and bank stocks, that's all. Mostly cash & bitcoin now.

I think you might be right, this could be the start of removing some of that stimulus overhang.

 

[tech/a]

Yank futures are deep into the red after yesterday's bounce too.

I've said many times this was not a buy the dip play and aside from a quick & dirty scalp of LNAS the other day I haven't bought back in to anything. Still holding my energy and bank stocks, that's all. Mostly cash & bitcoin now.

This is typical un winding of larger positions. Selling into strength.

 

[over9k]

I think you might be right, this could be the start of removing some of that stimulus overhang.

Inflation fears, all supply-side. You can't just turn the heaters off in winter and a lot of the people that drive the food delivery trucks, maintain electricity grids etc etc still aren't vaccinated, so you have a restriction in the supply of energy, food and so forth.

Considering you can't just turn people's heaters off you thus have to shut the factories down and print their paycheques instead, only exacerbating the inflation problem.


Bit of a bind, isn't it?