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FMG - Fortescue Ltd

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Twiggy is certainly showing some leadership on rapid development of green hydrogen as the next industry and export fuel story.
It's interesting that he highlights the current workers in fossil fuel industries are the ones he is looking for to run new green energy plants.

Frustrated mining magnate Andrew "Twiggy" Forrest has lashed out at Nationals politicians who he says are "capable of hearing the facts" on the coal industry, but have chosen to ignore them to chase votes.

Mining magnate 'Twiggy' Forrest accuses Nationals of 'scaring Australians' over move to renewable energy

Billionaire mining magnate Andrew Forrest says "people like him" need to change and lead the country away from coal, but that "fearmongering" Nationals politicians are scaring Australians to save their own jobs.
www.abc.net.au

Key points:​

  • Andrew Forrest says Nationals MPs are scaring Australians with false information about coal jobs
  • Mr Forrest is pushing for large-scale adoption of green hydrogen technology
  • He says it will provide jobs, but the government won't listen
Mr Forrest, the chair of Fortescue Metals, yesterday stood beside the New South Wales government as it announced a $3 billion green hydrogen plan backed by the billionaire.

He said the production of green hydrogen fuel using renewable energy could provide jobs for people currently working in coal, oil and gas, as the country moves away from fossil fuels.

"We need all those skills from coal miners, from oil and gas ... they are the exact careers we need right now to build our green hydrogen future," Mr Forrest told the ABC.
 
Twiggy has a lot of skin in the game, so any leverage he can get in the media is free publicity, can't blame him, but must be taken in context.
The reality is for the coal workers, there isn't a switch that can be thrown and one day people have a job in a coal related business, the next they start work in a hydrogen related industry.
To Twiggy it is zero's on a spreadsheet, to the coal workers it is their livelihood, the politicians are probably trying to represent their constituency, which is what they are elected to do.

I like Twiggy's direction, I'm beginning to dislike his method.
 
I don't think it's true to say those in the coal industry will not have jobs in other industries - skills are often, although not totally, transferable.
I don't think anyone credible is asking for coal to be switched off overnight, rather it should be phased out to prevent any further new employment dependent on coal and to provide an opportunity for those currently employed to transfer elsewhere.
 
Agreed, I was more referring to Twiggys aggressive stance in pushing his initiative, not the actual realities of people changing jobs.
People will change jobs if they have to, we have all done it, to keep bread on the table.
I was indicating that the people in those industries will be anxious and the politicians that represent them will be attempting to put their concerns forward.
Twiggy attacking those politicians for doing so, isn't a good look IMO and I can't see it furthering his cause.
It may help with advertising the cause, but allienating a section of Government is a risky business IMO, he may need to call on their support at a later date.
Apologies if I didn't explain it well, or offended you, it wasn't intended and I am hoping to buy FMG.
 
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No offense at all.

It's actually refreshing to see someone in power take a stance.
Australia is flooded with retired politicians who have sat on the fence throughout their time in office, only to lament their missed opportunity at having been more aggressive with the policies that wanted to pass.
Forrest isn't a politician, but he understands his contribution to Australia's budget and is leveraging it accordingly, thankfully for a good cause.
It seems to be working too given the recent announcements by QLD and NSW.
 
Dr Twig on National Press Club address today.

National Press Club Address: Andrew Forrest

Dr Andrew Forrest, Chairman and Founder of Fortescue Metals Group, Fortescue Future Industries, Minderoo Foundation, and Tattarang, addresses the Press Club on the topic 'Green Hydrogen: The Power of Now'.
iview.abc.net.au

WA is dragging it's heels.... get the rubber stamp out McGowan.
 
I think W.A is going less haste, more speed route.
Which is the technically efficient way IMO.

I didn't listen to the webcast, as I'm on limited mobile data, but I assume Twiggy is applying pressure on the W.A Government, the same as he is on the National Party Reps.
If so, like I said earlier, I like the direction he is taking, but I'm nervous about his method, the barrage could be seen as a bit panicked IMO.
It will be interesting to see how the market views, Twiggys views.
 
The coal industry isn’t stopping over night, and the hydrogen industry isn’t going to be at full steam over night, the tradition will be slow.

a lot of the jobs will have cross over, eg if you operate tug boats for coal ships, you operate tug boats for hydrogen ships, same with many other aspects eg electricians, Concretor, catering, transport, plant operators, and many others that I can’t think of.

“miners” eg people at the actual coal face only make a very small number of the people employed in the industry,
 
Mate I worked in the power generation industry, my working life and I'm 65, so I do know how it works.
I also have my marine engineers qualifications, so the tug boat stuff was nice, but unnecessary.
But thanks for the heads up, by the way I started as an electrician, finished up in management.

Maybe if you read my response to Waterbottle at post 3945, it might explain what I was referring to. ?
 
US company Plug Power is the partner for FFI massive Hydrogen project in Queensland. Neat arrangement.
Certainly ambitious and nation re-building. Seems like Twiggy is intent on effectively rebuilding most basic industrial industries in Australia and having a piece of the action.

The scale of Forrest’s ambition was revealed in a speech to the National Press Club on Thursday, where – apart from slamming the “fear mongers” and Chicken Littles” in the federal government for resisting the green energy transition, and even a net zero target by 2050 – Forrest spoke of the scale of his plans.

“So far, Fortescue Future Industries, or FFI, has secured 300GW of renewable resources in Africa, Australia, Asia, Central Asia, Europe, Latin America and New Zealand – over four times Australia’s current capacity,” Forrest said.

And he said the new manufacturing centre planned for Queensland would be replicated at multiple sites across the country.

“We are taking the Green Energy Manufacturing centre at Gladstone and replicating it across Australia, at tens of sites all over the country – creating the foundation for new industries in green ammonia, green iron, green steel, green fertiliser and green cement, with thousands of jobs at each location.”

The agreement with the two companies will also see FFI purchase 250MW of Plug Power’s electrolyzer solutions, which are used to create hydrogen and oxygen from water, for its Australian projects.

Forrest signs up Plug Power for world’s biggest hydrogen electrolyser Gigafactory

Andrew Forrest chooses US based Plug Power to build massive hydrogen Gigafactory in Queensland, the first of “tens” of such projects planned for Australia.
reneweconomy.com.au
 
Excellent analysis of Twiggy Forrest drive to become the Green Hydrogen leader of the world.
Clear sense of history and proportion in the story. Yes this is unbelievably huge in concept. If it comes off it would be many times more profitable than FMG. A key element will be how Twiggy manages to rope in Government support for his ventures.

The critical part for FMG investors is ensuring that the FFI subsidiary only costs 10% of the FMG profits and if FFI does fall over there is no recourse to FMG. That also assumes that the iron ore industry continues to be profitable at least at levels from 2020.

Ambition isn't in short supply for Andrew Forrest, but will science and economics bring his green hydrogen projects back to earth?

Andrew Forrest went on a green hydrogen blitz this week, standing alongside premiers in NSW and Queensland to announce multi-billion-dollar plans for renewable energy exports. Ian Verrender looks at just how feasible these grand plans are.
www.abc.net.au
 
As everyone knows, I'm a big fan of hydrogen, Twiggy's plan is big, bold a nd ballsie, whether he pulls it off is still questionable, as the article explains.
As I said he needs to be careful he doesn't bite the hand that will feed him, from a hydrogen perspective, even if he only gets one project off the ground it will set the wheels in motion for a hydrogen future IMO.
Still haven't bought in, starting to wonder if the bottom is in though.
 
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Again I agree completely with you sentiments, with respect to Queensland and NSW they are both a bit wedged, NSW because it is committing to a renewable future in the near future, without much of a plan and with Queensland they need something to be able to pacify an agitated coal sector.
So Twiggy as is his way, has come charging in when the opportunity has presented, clever move.
 
Twiggy's "crash through" approach to near term, massive green hydrogen projects is creating plenty of analysis. Interestingly enough most comment seems very supportive. "It's a great idea. It's well needed. It will work. Glad to see someone getting on with it "

What is green hydrogen, how does green ammonia fit in, and could they pave Australia's way to a renewable future?

One of Australia's richest men is betting on green hydrogen to make Australia a world leader in renewable energy while creating jobs in the process.
www.abc.net.au
 
The New York Times article on Twiggy offers some useful insight into the drive that he has generated in FMG to become a leader in making industry green and profitable. It's very clear that the solutions to the many issues they face will be resolved (or not..) by the research and engineering teams they have built. So they aren't simply importing problem solvers.

To that end they have already made big strides.

The most groundbreaking developments have come from a small room at the University of Western Australia, Dr. Forrest’s alma mater, where the company’s electrochemists have found a new route to what’s known as green iron and steel.
Nearly 90 percent of the carbon released by the steel-making process comes from reducing it to “pig iron” in a blast furnace or smelter powered by fossil fuels. Fortescue’s engineers have built a miniature mill that they said could do the same thing with electrodes and a pressurized brew of metals and other materials. Sitting on a counter, it resembled a water heater crossed with an espresso machine.

At least one other company, Boston Metal, which counts Bill Gates as an investor, has found a way to do something similar. But Fortescue’s scientists say they’ve figured out a process that works at lower temperatures (no hotter than a cup of coffee), allowing for easy on and off cycles with intermittent, renewable energy.

The group’s design, secret until now, recently received provisional patent protection.

Can a Carbon-Emitting Iron Ore Tycoon Save the Planet?

Andrew Forrest made a mining fortune. Now he wants to lead a climate change revolution — and beat the fossil fuel giants along the way.
www.nytimes.com
 
The gobal demand for HVDC cable on the immediate horizon is there for the taking... The 'Sun Cable' alone is years of current world production.
Gladstones got a future.
Ahh ..... the 'imaganitive' nimrods of the 'Nats' ...back on ya mower Bridget...
 
I'm getting interested here as well:
Near previous ATH which should provide some support, 0.5 and 0.618 fibs line up around here depending on which base you start from.
 
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