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.
Still positive. Approaching resistance, but if it goes according to the script, may not be a problem.It is at an interesting point. It could be said it is a symmetrical top triangle indicating a downward direction from here, but this is the sort of P&F pattern I like as positive ........
Thanks @Country Lad .Still positive. Approaching resistance, but if it goes according to the script, may not be a problem.
View attachment 135580
i don't have all that much confidence in a strong recovery TBH
ended up selling the oct 7 $15.50 weeklies & buying jan '22 $19s for a 10c credit. even that wasn't a good fill either as it was several ticks their side of the mid, but pushing the near leg out a week meant that it could be done at modest credit, which i find psychologically important
It will be interesting to see how the Iron ore stocks particularly FMG weather this mooted week of instability.Signiciant after market announcement by FMG on Frday.
Fortescue (ASX:FMG) share price on watch amid Sinosteel Oakajee agreement
Fortescue’s shares will be on watch on Monday. Here’s why…
View attachment 136398
James Mickleboro❯
Published January 21, 6:45pm AEDT
FMG View attachment 136399
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.
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
Dragline and the whole line of Komatsu hauling trucks have been electric for decades.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.
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.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
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 "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.
in my opinion, this is where you need G2 fuel cells: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;
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.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.
yes , but that has been one of my criticisms of Australia generally for over a decadeFMG should look for some more customers!!
Thank goodness for that.
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.
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