Country Lad
Off into the sunset
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Still positive. Approaching resistance, but if it goes according to the script, may not be a problem.
FMG - Fortescue Ltd
- Thread starter GreatPig
- Start date
Garpal Gumnut
Ross Island Hotel
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Thanks @Country Lad .
The daily OHLC is similar after bottoming and the shake out on large volume in Sept 21, with a sideways movement until the trend up began Nov. 2021.
The trend is your friend.
gg
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well, looks like i got that badly wrong!
but it's exactly why i like zero cost/small credit diagonal call strategies. had i bought the jan $19 calls outright, i likely stop out back in early nov when it dropped under half the original premium paid, given my lack of conviction. whereas having an unlimited reward position on your books for free makes it that much easier to simply hold on and just see what happens.
i would be the first to admit that i don't have a particularly deep knowledge of this company, but after reading thru the excellent posts above by people who do, i've decided to let the calls auto-exercise today, become an FMG shareholder for the first time ever and join in for the ride.
now comes the hard part, having to scrounge up the cash to take delivery. never ended up setting aside the funds for it, as the original plan was to sell back the calls for whatever intrinsic they had on expiry day. times like these i really lament the loss of margin at IB Aust.
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Signiciant after market announcement by FMG on Frday.
James Mickleboro❯
Published January 21, 6:45pm AEDT
FMG
Key points
The Fortescue Metals Group Limited (ASX: FMG) share price will be one to watch on Monday.
This follows the release of an announcement after the market close on Friday.
According to the release, the two parties have signed a binding Memorandum of Understanding (MoU) to complete a rapid project assessment of Sinosteel’s Midwest Magnetite Project in Western Australia. The assessment will include a rail and port development at Oakajee.
Following the conclusion of the 12 month rapid project assessment and subject to the outcome of that process, Fortescue will have the option to acquire up to 50% of the Midwest Magnetite Project and up to 100% of the proposed port and rail infrastructure project.
Fortescue’s Chief Executive Officer, Elizabeth Gaines, said: “For over three decades, Sinosteel has demonstrated their strong performance and ability to deliver mining projects in Australia including their Channar Mine in the Pilbara. The signing of this MoU demonstrates Fortescue’s commitment to our strategic pillars of investing in the long-term sustainability of our iron ore business, expanding into new regions and continuing to deliver strong returns to our stakeholders.”
Ms Gaines also sees opportunities for its highly divisive Fortescue Future Industries business to leverage the operation.
She said: “We look forward to working with Sinosteel on the next steps for this important project for Western Australia which, in addition to the magnetite and infrastructure development, offers the opportunity for a co-ordinated project combining Fortescue’s iron ore and infrastructure pedigree with Fortescue Future Industries’ green energy objectives.”
“Future development including a renewable, green hydrogen hub in the Midwest region at Oakajee would deliver a large-scale resources and renewables project for Western Australia, further underpinning our enduring relationship with China,” Ms Gaines added.
Fortescue (ASX:FMG) share price on watch amid Sinosteel Oakajee agreement
Fortescue’s shares will be on watch on Monday. Here’s why…James Mickleboro❯
Published January 21, 6:45pm AEDT
FMG
Key points
- Fortescue has signed an agreement with China’s Sinosteel
- The two parties will assess Sinosteel’s Midwest Magnetite Project in Western Australia
- Fortescue sees opportunities for Fortescue Future Industries’ green energy objectives
The Fortescue Metals Group Limited (ASX: FMG) share price will be one to watch on Monday.
This follows the release of an announcement after the market close on Friday.
Why is the Fortescue share price on watch?
Investors may want to keep an eye on the Fortescue share price on Monday after it announced an agreement with China’s state-owned Sinosteel.According to the release, the two parties have signed a binding Memorandum of Understanding (MoU) to complete a rapid project assessment of Sinosteel’s Midwest Magnetite Project in Western Australia. The assessment will include a rail and port development at Oakajee.
Following the conclusion of the 12 month rapid project assessment and subject to the outcome of that process, Fortescue will have the option to acquire up to 50% of the Midwest Magnetite Project and up to 100% of the proposed port and rail infrastructure project.
Fortescue’s Chief Executive Officer, Elizabeth Gaines, said: “For over three decades, Sinosteel has demonstrated their strong performance and ability to deliver mining projects in Australia including their Channar Mine in the Pilbara. The signing of this MoU demonstrates Fortescue’s commitment to our strategic pillars of investing in the long-term sustainability of our iron ore business, expanding into new regions and continuing to deliver strong returns to our stakeholders.”
Ms Gaines also sees opportunities for its highly divisive Fortescue Future Industries business to leverage the operation.
She said: “We look forward to working with Sinosteel on the next steps for this important project for Western Australia which, in addition to the magnetite and infrastructure development, offers the opportunity for a co-ordinated project combining Fortescue’s iron ore and infrastructure pedigree with Fortescue Future Industries’ green energy objectives.”
“Future development including a renewable, green hydrogen hub in the Midwest region at Oakajee would deliver a large-scale resources and renewables project for Western Australia, further underpinning our enduring relationship with China,” Ms Gaines added.
Garpal Gumnut
Ross Island Hotel
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It will be interesting to see how the Iron ore stocks particularly FMG weather this mooted week of instability.
I usually find that when everyone is saying the world is going to fall in that the week is as boring as all sh*t.
gg
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ACQUISITION OF UK-BASED WILLIAMS ADVANCED ENGINEERING
Leading provider of high-performance battery and electrification technologies Fortescue Metals Group Ltd (Fortescue, ASX: FMG), has entered into a share sale and purchase agreement to acquire 100 per cent of Williams Advanced Engineering Limited (WAE) from private equity firm EMK Capital and Williams Grand Prix Engineering Limited for £164 million (approximately US$223 million). The transaction is expected to conclude by the end of March 2022, subject to the satisfaction of customary conditions precedent including United Kingdom foreign investment approval. WAE will be vertically integrated into Fortescue’s diversified resources and green energy business and will be managed via Fortescue Future Industries (FFI), Fortescue’s green energy and green technology division.
Fortescue has worked closely with WAE since early 2021 to design and build a prototype battery system to power an electric mining haul truck, an important first step in the decarbonisation of Fortescue's mining haul fleet. The acquisition of WAE provides critical technology and expertise in high-performance battery systems and electrification and will enable Fortescue to accelerate and support the decarbonisation of Fortescue’s mining operations as well as establishing an important new business growth opportunity. Together, Fortescue and WAE will develop battery electric solutions for Fortescue’s rail, mobile haul fleet and other heavy mining equipment, to accelerate the rapid abatement of diesel usage to achieve the decarbonisation of Fortescue’s mining operations by 2030. In addition, Fortescue and WAE will work together to grow WAE’s world-leading green technology and engineering business. One of the first major projects to be developed will be a world leading battery electric train concept.
Fortescue and FFI will announce further details on this early in 2022. WAE has a demonstrated track record of success working with Tier 1 customers in advanced engineering across the premium automotive and motorsports sectors with revenue of approximately US$84 million in CY21 (unaudited basis). WAE will bring speed, precision and cutting-edge technology from the racetrack to heavy industry. Fortescue, as a foundation customer, will support the development and manufacturing of battery electric and hydrogen fuel cell power units with the goal for WAE to become a major player in the growing global market for heavy mobile equipment and rail. Fortescue Founder and Chairman Dr Andrew Forrest AO said, “This is a major milestone in the future of our Company as we welcome WAE to the Fortescue family. FFI and WAE will work together to decarbonise Fortescue - and in turn the global heavy industry and hard to abate sectors - for the good of our planet, and the benefit of our shareholders. Fortescue Metals Group Ltd ABN 57 002 594 872 Level 2, 87 Adelaide Terrace, East Perth, Western Australia 6004 PO Box 6915, East Perth, Western Australia 6004 P +61 8 6218 8888 E fmgl@fmgl.com.au W www.fmgl.com.au Page 2 of 3 “Today’s announcement builds on our commitment to remove fossil fuel powered machinery from our operations and to replace it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia. “For decades, Sir Frank Williams’ F1 racing business was at the forefront of innovation in engineering and I thank him for his pioneering vision in founding WAE over a decade ago. I was sorry to hear of his passing last year and I pay tribute to him. I have huge respect for him, his family and the Williams’ business,” Dr Forrest said. Fortescue Chief Executive Officer, Elizabeth Gaines said, “Fortescue and WAE share strong cultural alignment with a focus on technology and innovation to support carbon neutrality, with both companies being leaders in their respective industries. We look forward to working together to apply this technology-first strategy to our emissions reduction pathway while also empowering the highly capable WAE team to achieve growth opportunities in new products, services and markets. The potential global market for WAE is significant and will extend beyond the decarbonisation of Fortescue, further demonstrating our commitment to the diversification of Fortescue to a renewable energy and resources company.” Craig Wilson, WAE Chief Executive Officer, said, “High performance battery and electrification systems are at the core of what we do at WAE and this acquisition and investment will facilitate the company’s further growth to support the delivery of zero emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too. This will benefit all of our stakeholders along with current and future customers who are very important to us. My thanks also to EMK Capital for their support during the past two years that has enabled us to accelerate the successful progress of WAE and development of technologies to help tackle climate change. “We are delighted to play a key role in Fortescue’s decarbonisation strategy, contributing to the delivery of their emissions reduction targets through high performance battery systems, green hydrogen and related technologies. We will also be focusing on addressing the sector-wide challenges in the off-highway sector. Both companies have a shared culture of innovation, setting and achieving stretch targets and a genuine commitment to creating a sustainable future.” Under Fortescue’s ownership, WAE will continue to service its customers while rapidly expanding its electrification technologies, engineering and manufacturing offerings. As part of this, Fortescue will establish an Advisory Board to guide and empower WAE to achieve its targets. Fortescue’s Lead Independent Director and Deputy Chairman, Mr Mark Barnaba AM, will serve on the Advisory Board. The acquisition will be funded from Fortescue’s existing liquidity sources, with the consideration payable on close subject to customary working capital adjustments. Fortescue Metals Group Ltd ABN 57 002 594 872 Level 2, 87 Adelaide Terrace, East Perth, Western Australia 6004 PO Box 6915, East Perth, Western Australia 6004 P +61 8 6218 8888 E fmgl@fmgl.com.au W www.fmgl.com.au Page 3 of 3
ABOUT WAE WAE is a world-leading technology and engineering services business delivering pioneering innovation to improve performance, efficiency and sustainability to a global customer base. Combining cutting-edge technological advances and the industry’s best engineers with precision and speed to market derived from the ultra-competitive environment of motorsport, WAE’s capabilities cover a wide range of disciplines. The Company provides ground-breaking innovation covering advanced battery and electrification technologies and product development; aided by advanced simulation, testing, rapid prototyping and volume manufacturing. Working in close collaboration with our customers, WAE remains committed to meeting the continued sustainability challenges of the 21st Century. WAE can trace its foundations back to 2010 when Williams Grand Prix Engineering Limited began diversifying its operations; a division which later became WAE. In December 2019, Williams Grand Prix Engineering (which is owned by private investment firm Dorilton Capital) sold a majority equity stake in WAE to EMK Capital. WAE has grown from an embryonic business in 2010 to a company which employs approximately 400 people engaged in leading-edge and transformative technologies for a growing list of Tier 1 clients. Following the acquisition by Fortescue Metals Group, WAE will continue to service its existing customers and commercialise new technology opportunities, in addition to playing a key role in supporting Fortescue’s decarbonisation strategy.
DYOR
i hold FMG
let's see how the market reacts to this
Leading provider of high-performance battery and electrification technologies Fortescue Metals Group Ltd (Fortescue, ASX: FMG), has entered into a share sale and purchase agreement to acquire 100 per cent of Williams Advanced Engineering Limited (WAE) from private equity firm EMK Capital and Williams Grand Prix Engineering Limited for £164 million (approximately US$223 million). The transaction is expected to conclude by the end of March 2022, subject to the satisfaction of customary conditions precedent including United Kingdom foreign investment approval. WAE will be vertically integrated into Fortescue’s diversified resources and green energy business and will be managed via Fortescue Future Industries (FFI), Fortescue’s green energy and green technology division.
Fortescue has worked closely with WAE since early 2021 to design and build a prototype battery system to power an electric mining haul truck, an important first step in the decarbonisation of Fortescue's mining haul fleet. The acquisition of WAE provides critical technology and expertise in high-performance battery systems and electrification and will enable Fortescue to accelerate and support the decarbonisation of Fortescue’s mining operations as well as establishing an important new business growth opportunity. Together, Fortescue and WAE will develop battery electric solutions for Fortescue’s rail, mobile haul fleet and other heavy mining equipment, to accelerate the rapid abatement of diesel usage to achieve the decarbonisation of Fortescue’s mining operations by 2030. In addition, Fortescue and WAE will work together to grow WAE’s world-leading green technology and engineering business. One of the first major projects to be developed will be a world leading battery electric train concept.
Fortescue and FFI will announce further details on this early in 2022. WAE has a demonstrated track record of success working with Tier 1 customers in advanced engineering across the premium automotive and motorsports sectors with revenue of approximately US$84 million in CY21 (unaudited basis). WAE will bring speed, precision and cutting-edge technology from the racetrack to heavy industry. Fortescue, as a foundation customer, will support the development and manufacturing of battery electric and hydrogen fuel cell power units with the goal for WAE to become a major player in the growing global market for heavy mobile equipment and rail. Fortescue Founder and Chairman Dr Andrew Forrest AO said, “This is a major milestone in the future of our Company as we welcome WAE to the Fortescue family. FFI and WAE will work together to decarbonise Fortescue - and in turn the global heavy industry and hard to abate sectors - for the good of our planet, and the benefit of our shareholders. Fortescue Metals Group Ltd ABN 57 002 594 872 Level 2, 87 Adelaide Terrace, East Perth, Western Australia 6004 PO Box 6915, East Perth, Western Australia 6004 P +61 8 6218 8888 E fmgl@fmgl.com.au W www.fmgl.com.au Page 2 of 3 “Today’s announcement builds on our commitment to remove fossil fuel powered machinery from our operations and to replace it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia. “For decades, Sir Frank Williams’ F1 racing business was at the forefront of innovation in engineering and I thank him for his pioneering vision in founding WAE over a decade ago. I was sorry to hear of his passing last year and I pay tribute to him. I have huge respect for him, his family and the Williams’ business,” Dr Forrest said. Fortescue Chief Executive Officer, Elizabeth Gaines said, “Fortescue and WAE share strong cultural alignment with a focus on technology and innovation to support carbon neutrality, with both companies being leaders in their respective industries. We look forward to working together to apply this technology-first strategy to our emissions reduction pathway while also empowering the highly capable WAE team to achieve growth opportunities in new products, services and markets. The potential global market for WAE is significant and will extend beyond the decarbonisation of Fortescue, further demonstrating our commitment to the diversification of Fortescue to a renewable energy and resources company.” Craig Wilson, WAE Chief Executive Officer, said, “High performance battery and electrification systems are at the core of what we do at WAE and this acquisition and investment will facilitate the company’s further growth to support the delivery of zero emission products and services across existing sectors – such as automotive, motorsport and off-highway – and new sectors too. This will benefit all of our stakeholders along with current and future customers who are very important to us. My thanks also to EMK Capital for their support during the past two years that has enabled us to accelerate the successful progress of WAE and development of technologies to help tackle climate change. “We are delighted to play a key role in Fortescue’s decarbonisation strategy, contributing to the delivery of their emissions reduction targets through high performance battery systems, green hydrogen and related technologies. We will also be focusing on addressing the sector-wide challenges in the off-highway sector. Both companies have a shared culture of innovation, setting and achieving stretch targets and a genuine commitment to creating a sustainable future.” Under Fortescue’s ownership, WAE will continue to service its customers while rapidly expanding its electrification technologies, engineering and manufacturing offerings. As part of this, Fortescue will establish an Advisory Board to guide and empower WAE to achieve its targets. Fortescue’s Lead Independent Director and Deputy Chairman, Mr Mark Barnaba AM, will serve on the Advisory Board. The acquisition will be funded from Fortescue’s existing liquidity sources, with the consideration payable on close subject to customary working capital adjustments. Fortescue Metals Group Ltd ABN 57 002 594 872 Level 2, 87 Adelaide Terrace, East Perth, Western Australia 6004 PO Box 6915, East Perth, Western Australia 6004 P +61 8 6218 8888 E fmgl@fmgl.com.au W www.fmgl.com.au Page 3 of 3
ABOUT WAE WAE is a world-leading technology and engineering services business delivering pioneering innovation to improve performance, efficiency and sustainability to a global customer base. Combining cutting-edge technological advances and the industry’s best engineers with precision and speed to market derived from the ultra-competitive environment of motorsport, WAE’s capabilities cover a wide range of disciplines. The Company provides ground-breaking innovation covering advanced battery and electrification technologies and product development; aided by advanced simulation, testing, rapid prototyping and volume manufacturing. Working in close collaboration with our customers, WAE remains committed to meeting the continued sustainability challenges of the 21st Century. WAE can trace its foundations back to 2010 when Williams Grand Prix Engineering Limited began diversifying its operations; a division which later became WAE. In December 2019, Williams Grand Prix Engineering (which is owned by private investment firm Dorilton Capital) sold a majority equity stake in WAE to EMK Capital. WAE has grown from an embryonic business in 2010 to a company which employs approximately 400 people engaged in leading-edge and transformative technologies for a growing list of Tier 1 clients. Following the acquisition by Fortescue Metals Group, WAE will continue to service its existing customers and commercialise new technology opportunities, in addition to playing a key role in supporting Fortescue’s decarbonisation strategy.
DYOR
i hold FMG
let's see how the market reacts to this
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I think it is an excellent investment decision that will bring advanced battery technology skills directly into their future green energy market.
The share market is not going to respond to the purchase in the short term. Sentiment is poor overall.
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I have to admit I didn't think batteries could be used for ore trains and mining haul trucks, not enough power for such heavy work. Looks like I was wrong, its a game changer for me. But of course they will need to be able to generate a lot of electricity to charge them, which is the next issue. The one thing I like about Twiggy and FMG is they don't muck around, if they say they are going to do something, they do it, fast.
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Dragline and the whole line of Komatsu hauling trucks have been electric for decades.
I so imagine Komatsu is well placed to go ev , just replacing the on board diesel generator..as this is what it is..by battery
Developing new giant hauling ev trucks from scratch by a new company..no way..
But if i was still interested in doing business in Oz,in my old mining battlefield, i see the feasibility of autonomous small ev hauling truck swarms.
Anyone reading this and tempted,pm me...
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Trains running on purpose built lines, where the terrain is levelled with cuttings and bridges, is a lot different from trucks going up steep inclines carrying a hell of a load on the back.
It will be interesting, to see where they put a battery big enough for the job, on a truck, maybe a swap out system like the power tools, have the battery plug in where the diesel is at the moment.
It isn't such an issue with a train, you could even have dedicated battery carriages, that could be stored along the line at recharge stations. When you have iron ore trains, pulling over 200 carriages, a few more battery carriages is neither here nor there.
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whether we like it or not, the energy density per kg of diesel (45.5 megajoules per kilogram) is not easily replaceable by these lithium batteries.."A lithium-ion battery pack has about 0.3 MJ/kg "
so 1l diesel roughly replaced by 150kg of battery,
worse that l of diesel once consumed is gone and does not have to be carried along as a dead weight , your truck is even lighter
whereas your empty battery is still as heavy as when full;
sure the diesel engine is a bit less efficient than your electric motor but just that dead weight issue would be a killer in any comparison ..issue which will be conveniently forgotten in your next glossy leaflet on EV;
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in my opinion, this is where you need G2 fuel cells:
hydrogen has an energy density of approximately 120 MJ/kg, almost three times more than diesel or gasoline.
Why would anyone with even half a brain consider lithium battery truck is beyond me..but hey we got CO2 creating CC...
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December production report came out this morning. Record shipments of iron ore. Many announcements. Well worth a read.
Will be interesting to see the financials in February. Gross profits seem to be around $59 US a ton
Strong December quarter performance and record half year shipments Quarterly summary
• Total Recordable Injury Frequency Rate (TRIFR) of 1.8 for the 12 months to 31 December 2021, a 14 per cent improvement on 2.1 at 31 December 2020
• Iron ore shipments of 47.5 million tonnes (mt) contributed to shipments of 93.1mt for H1 FY22, three per cent higher than H1 FY21 and a record for a half year
• Average revenue of US$74.36/dry metric tonne (dmt) representing revenue realisation of 68 per cent of the Platts 62% CFR Index for the quarter
• C1 cost of US$15.31/wet metric tonne (wmt) in line with the previous quarter
• Net debt of US$1.7 billion at 31 December 2021 after payment of the FY21 final tax instalment of US$915 million and capital expenditure of US$744 million in the quarter
• Sustainability Financing Framework established to enable the future issuance of Green and Social debt instruments that will support investments in eligible projects
• On 24 January 2022, announced the acquisition of UK-based Williams Advanced Engineering (WAE) for £164 million (approximately US$223 million) to provide critical technology and expertise in high-performance battery systems and electrification
• Entered exclusivity agreement with the Government of the Republic of Gabon to study the opportunity to develop the Belinga Iron Ore Project in Gabon, West Africa
• Fortescue Future Industries (FFI) continued to rapidly advance a global portfolio of green energy projects and decarbonisation technologies
• Guidance for FY22 shipments of 180 - 185mt and C1 cost of US$15.00 - US$15.50/wmt. Cost guidance is based on a revised average exchange rate assumption of AUD:USD 0.72
• FY22 capital expenditure (excluding FFI) is increased by US$200 million to US$3.0 - US$3.4 billion after incorporating the acquisition of WAE.
Fortescue Chief Executive Officer, Elizabeth Gaines, said “The Fortescue team has again delivered an outstanding performance for the first half of FY22 with mining, processing, rail and shipping combining to deliver record second quarter shipments of 47.5 million tonnes, contributing to record performance for a half year of 93.1 million tonnes. “Our C1 cost was in line with the previous quarter, reflecting our strong focus on cost management to mitigate inflationary pressures associated with strong demand for labour and resources, as well as supply chain constraints due to COVID-19. We are proud of the entire Fortescue family who continue to deliver record operating performance and achieve key project milestones
Will be interesting to see the financials in February. Gross profits seem to be around $59 US a ton
Strong December quarter performance and record half year shipments Quarterly summary
• Total Recordable Injury Frequency Rate (TRIFR) of 1.8 for the 12 months to 31 December 2021, a 14 per cent improvement on 2.1 at 31 December 2020
• Iron ore shipments of 47.5 million tonnes (mt) contributed to shipments of 93.1mt for H1 FY22, three per cent higher than H1 FY21 and a record for a half year
• Average revenue of US$74.36/dry metric tonne (dmt) representing revenue realisation of 68 per cent of the Platts 62% CFR Index for the quarter
• C1 cost of US$15.31/wet metric tonne (wmt) in line with the previous quarter
• Net debt of US$1.7 billion at 31 December 2021 after payment of the FY21 final tax instalment of US$915 million and capital expenditure of US$744 million in the quarter
• Sustainability Financing Framework established to enable the future issuance of Green and Social debt instruments that will support investments in eligible projects
• On 24 January 2022, announced the acquisition of UK-based Williams Advanced Engineering (WAE) for £164 million (approximately US$223 million) to provide critical technology and expertise in high-performance battery systems and electrification
• Entered exclusivity agreement with the Government of the Republic of Gabon to study the opportunity to develop the Belinga Iron Ore Project in Gabon, West Africa
• Fortescue Future Industries (FFI) continued to rapidly advance a global portfolio of green energy projects and decarbonisation technologies
• Guidance for FY22 shipments of 180 - 185mt and C1 cost of US$15.00 - US$15.50/wmt. Cost guidance is based on a revised average exchange rate assumption of AUD:USD 0.72
• FY22 capital expenditure (excluding FFI) is increased by US$200 million to US$3.0 - US$3.4 billion after incorporating the acquisition of WAE.
Fortescue Chief Executive Officer, Elizabeth Gaines, said “The Fortescue team has again delivered an outstanding performance for the first half of FY22 with mining, processing, rail and shipping combining to deliver record second quarter shipments of 47.5 million tonnes, contributing to record performance for a half year of 93.1 million tonnes. “Our C1 cost was in line with the previous quarter, reflecting our strong focus on cost management to mitigate inflationary pressures associated with strong demand for labour and resources, as well as supply chain constraints due to COVID-19. We are proud of the entire Fortescue family who continue to deliver record operating performance and achieve key project milestones
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Excellent story of FMG's determination to eliminate all diesel fuel use in it's operations by 2030. The acquisition of WAE is one of the many parts of this project. FMG has been working with WAE for a year on developing electric haul trucks. Twiggy decided that WAE techmology and skills were too critical to leave to chance. Buying the company meant they have them in their pocket.
From a business perspective the successful development of electric trucks, trains and ships offers a great business opportunity to sell a well prove product to all other mining companies. A very compelling picture IMV.
www.abc.net.au
From a business perspective the successful development of electric trucks, trains and ships offers a great business opportunity to sell a well prove product to all other mining companies. A very compelling picture IMV.
Andrew Forrest's FMG acquires Williams Advanced Engineering in shift away from diesel
Key points:
- Fortescue Metals Group has announced the acquisition of British firm Williams Advanced Engineering
- FMG says the acquisition will fast-track its plan to remove all diesel vehicles from its mining fleet by 2030
- The two companies are set to announce further detail on a "world-leading battery electric train concept" this year
FMG announces plan to eliminate diesel from operations by 2030
Fortescue Metals Group acquires British tech and engineering company Williams Advanced Engineering to help fast-track its transition to renewables.
www.abc.net.au
Value Collector
Have courage, and be kind.
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If there is hills it will use more energy on the way up and recover power on the way down, Ev trucks will deal with it better than diesels.
There is actually electric mining truck in Europe that has been running for years without needing to be charged, because the mine in uphill of where it drops it’s load off, it charges as it brings the load down hill using regen braking, and uses less energy on the up hill when it’s empty.
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26/01/2021
Fortescue was plagued by significant price penalties through 2017 and 2018, and the trend appears to be returning amid abundant supply of lower-grade iron ore and astronomical coking coal prices,that cook it.
Price realisations have been steadily declining since Fortescue received 91 per cent of the benchmark iron ore price in the final three months of 2020.
The company received 86 per cent in the first three months of 2021 then 84 per cent in the three months ended June 30.
This is likely to continue.
The industry’s preferred price provider, S&P Global Platts, said ore with 58 per cent iron was fetching $US75.75 per tonne on Wednesday; a price that was 63.3 per cent of the benchmark iron ore price.
They are still making great margins at present if you compare to most mining products but still, share price did not like this last time and shipping costs are higher now. AU$ appreciation would be an issue to.
Not much debt to speak of but not quite the money printer it has been recently.
Chinas collapsing housing ponzi scheme upon the people could savage demand unless there is a plethora of 'affordable housing' buids. Hard to see how that will happen given there will be no motive for the giant pyramid schemes to build any more.
FMG should look for some more customers!!
Fortescue was plagued by significant price penalties through 2017 and 2018, and the trend appears to be returning amid abundant supply of lower-grade iron ore and astronomical coking coal prices,that cook it.
Price realisations have been steadily declining since Fortescue received 91 per cent of the benchmark iron ore price in the final three months of 2020.
The company received 86 per cent in the first three months of 2021 then 84 per cent in the three months ended June 30.
This is likely to continue.
The industry’s preferred price provider, S&P Global Platts, said ore with 58 per cent iron was fetching $US75.75 per tonne on Wednesday; a price that was 63.3 per cent of the benchmark iron ore price.
They are still making great margins at present if you compare to most mining products but still, share price did not like this last time and shipping costs are higher now. AU$ appreciation would be an issue to.
Not much debt to speak of but not quite the money printer it has been recently.
Chinas collapsing housing ponzi scheme upon the people could savage demand unless there is a plethora of 'affordable housing' buids. Hard to see how that will happen given there will be no motive for the giant pyramid schemes to build any more.
FMG should look for some more customers!!
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yes , but that has been one of my criticisms of Australia generally for over a decade
anyone watch the movie Minions .. to me Australia behaves just like one of those
Sean K
Moderator
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LOL
Garpal Gumnut
Ross Island Hotel
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Thank goodness for that.
I was thinking that with all this Hydrogen hoohah, that FMG might not have been sticking to it's onions in its digging endeavours.
gg
Value Collector
Have courage, and be kind.
- Joined
- 13 January 2014
- Posts
- 11,946
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Well apparently Rome wasn’t built in a day either, some things take time, I tend to think that where you are is less important than where you are heading.
