FMG - Fortescue Ltd

[Dona Ferentes]

it is a nutcase project, let's be real

Damn slunk.

and the funniest thing I've read in years . Vintage

Andrew Forrest, insane in the membrane

The mining billionaire exhibits all the signs of a man hanging onto reality by a very thin thread.

www.afr.com

 

[Garpal Gumnut]

Damn slunk.

and the funniest thing I've read in years . Vintage

Andrew Forrest, insane in the membrane

The mining billionaire exhibits all the signs of a man hanging onto reality by a very thin thread.

www.afr.com

Just a small excerpt from the attached AFR article which is behind a paywall.

What he ultimately wants is for everyone to love him. Not everyone will love Andrew Forrest for being a very successful businessman who dug **** out of the ground and sold it to the Chinese to make steel. That will merely get him a Who’s Who entry as another mercantilist.

That’s not what Twiggy wants. He wants statues. He wants global acclaim, he wants world peace, he wants the lot because he’s f---ing mad. So, he’s ending slavery, saving the ocean, building happy abattoirs, being the King of Davos. There is no lane left for him to stay in. There is none because he is swerving all over the f---ing road.

gg

 

[Dona Ferentes]

Just a small excerpt from the attached AFR article which is behind a paywall.

Thanks for excerpting the highlight,  gg. I was tossing around whether to put up a bit of content, and I think those two paragraphs just about nail it.

 

[Value Collector]

Just a small excerpt from the attached AFR article which is behind a paywall.



gg

Check out the half year results webcast, it’s shows that despite what the cynics in the media say, they are actually working in quite a rational way and having each project compete for capital.

There is an interesting part that talks about funding, where they are talking about being mainly project developers, and are going to use Fortescue money as seed capital, but sell off large parts of each project keeping mainly only equity that they fee carry.

Click this link then click webcast

 

[sptrawler]

Just a small excerpt from the attached AFR article which is behind a paywall.



gg

Sounds like the pich fork mob have found another target, mass meeting has been call in the village square, all journo's invited. ?

Poor old Twiggy, from hero to zero, in record time. ?

IDH, but try to stay unemotional.

 

[Value Collector]

Sounds like the pich fork mob have found another target, mass meeting has been call in the village square, all journo's invited. ?

Poor old Twiggy, from hero to zero, in record time. ?

IDH, but try to stay unemotional.

I remember a good solid 5 year period when the pitch fork Mob went after another crazy man who thought that just because he made some money on the internet he could build a successful car company based on EV’s as well as a space business based on reusable self landing rockets…. Oh wait he actually did those things despite the negative media.

At the end of the day if the guys writing the articles knew what they were talking about they wouldn’t be commentating from the sidelines fighting for attention.

 

[Garpal Gumnut]

I remember a good solid 5 year period when the pitch fork Mob went after another crazy man who thought that just because he made some money on the internet he could build a successful car company based on EV’s as well as a space business based on reusable self landing rockets…. Oh wait he actually did those things despite the negative media.

At the end of the day if the guys writing the articles knew what they were talking about they wouldn’t be commentating from the sidelines fighting for attention.

Whoever is right or wrong @Value Collector, and you may very well be correct in your assessment, there is no doubt in anyone's mind that FMG suffers from Key Man Risk.

Without John Andrew Henry Forrest, aka Twiggy, FMG would be only worth one half or one quarter of its present valuation.

https://www.openriskmanual.org/wiki/Key_Person_Risk

Key Person Risk​

Definition​

Key Person Risk indicates the Risk generated when significant organizational knowledge, visibility, status or performance rely to a significant degree on a single individual.
The reliance on a key person exposes the organization to the risk of significant financial or reputational loss if

• the individual ceases to be part of the organization (e.g. due to health, career choices etc.)
• stops performing or behaving according to expectations and agreements

Issues and Challenges​

Key person risk is a form of Concentration Risk, but it is not traditionally discussed alongside the traditional types of Concentration as the structure of an Organization is usually not subject to formal Risk Analysis.

gg

 

[Value Collector]

Whoever is right or wrong @Value Collector, and you may very well be correct in your assessment, there is no doubt in anyone's mind that FMG suffers from Key Man Risk.

Without John Andrew Henry Forrest, aka Twiggy, FMG would be only worth one half or one quarter of its present valuation.

https://www.openriskmanual.org/wiki/Key_Person_Risk



gg

Disney is about 50 x times larger since Walt Died

Apple continued growing after Steve jobs

Walmart kept growing after Sam

Ford kept growing after Henry

General Electric grew after Edison

There is heaps of companies that seemed to have “Key Men”, who’s business’s grew strongly for decades after they passed.

 

[sptrawler]

Whoever is right or wrong @Value Collector, and you may very well be correct in your assessment, there is no doubt in anyone's mind that FMG suffers from Key Man Risk.

Without John Andrew Henry Forrest, aka Twiggy, FMG would be only worth one half or one quarter of its present valuation.

https://www.openriskmanual.org/wiki/Key_Person_Risk



gg

Very true GG, but that is true for a lot of companies, how many times have we seen companies do really well, then there is a change of manager and it all goes pear shaped.
Hydrogen in one form or another will be used in greater and greater quantities, now that it has been decided to stop using fossil fuel. So the race to making hydrogen quicker, cheaper and without using fossil fuel will accelerate, that's a given.
Whether Twiggy is on to one of the new technologies that will be developed, well that's what us punters gamble on. ?

 

[qldfrog]

With compo decision looming, Andrew Forrest hits back

Fortescue chief Andrew Forrest tells Joe Aston that the best way of compensating traditional owners is with work. The traditional owners don’t agree.

www.afr.com

That's the thing with wokism, there is no limit
So Forrest tries to get this good green social image but it is not enough.
Not until he changes skin colour ,sex, gives all his wealth to DV and LGBTQxxxx support group ,and blow his brain and compost his body.
It should be a lesson to the flock of business men trying to leverage ESC..there is no limit and you will never do enough.our politicians should learn as well...

 

[Sean K]

With compo decision looming, Andrew Forrest hits back

Fortescue chief Andrew Forrest tells Joe Aston that the best way of compensating traditional owners is with work. The traditional owners don’t agree.

www.afr.com

That's the thing with wokism, there is no limit
So Forrest tries to get this good green social image but it is not enough.
Not until he changes skin colour ,sex, gives all his wealth to DV and LGBTQxxxx support group ,and blow his brain and compost his body.
It should be a lesson to the flock of business men trying to leverage ESC..there is no limit and you will never do enough.our politicians should learn as well...

A lot of that article in the Fin is pretty wild. Defensive, angry rambling. Seems like the YAP have a case and it's going to cost FMG a motza.

“Joe, you mustn’t misquote me,” Dr Forrest said in an interview with the Financial Review to clarify his position. “I’ve said many, many times, and if you don’t put this in your article, I’ll be really disappointed: I’m happy and always have been happy to meet with [Yindjibarndi Aboriginal Corporation CEO] Michael Woodley any time, we’ve known each other for a long time, [former Fortescue CEO] Elizabeth Gaines has met with him several times, [Gaines’ predecessor] Nev [Power] did as well, OK? We pay so much money in cash royalties it makes your eyes water, and we’re happy to do it. But we also pay in training and guaranteed employment and changing lives, and that is because we have a right to not just pay cash.”

“There is a media construct that we don’t want to settle. It’s not true. [Woodley has] had a whole heap of others who have counselled him, who are really serious elders in our community, say, ‘Just go meet with [Forrest], he wants to settle this, he’ll be fair and equitable to all of us. And by the way, he paid us heaps of cash, as well as everything else’. Because the everything else really means a lot to him, and it’s fine by us.”

 

[Value Collector]

A lot of that article in the Fin is pretty wild. Defensive, angry rambling. Seems like the YAP have a case and it's going to cost FMG a motza.

“Joe, you mustn’t misquote me,” Dr Forrest said in an interview with the Financial Review to clarify his position. “I’ve said many, many times, and if you don’t put this in your article, I’ll be really disappointed: I’m happy and always have been happy to meet with [Yindjibarndi Aboriginal Corporation CEO] Michael Woodley any time, we’ve known each other for a long time, [former Fortescue CEO] Elizabeth Gaines has met with him several times, [Gaines’ predecessor] Nev [Power] did as well, OK? We pay so much money in cash royalties it makes your eyes water, and we’re happy to do it. But we also pay in training and guaranteed employment and changing lives, and that is because we have a right to not just pay cash.”

“There is a media construct that we don’t want to settle. It’s not true. [Woodley has] had a whole heap of others who have counselled him, who are really serious elders in our community, say, ‘Just go meet with [Forrest], he wants to settle this, he’ll be fair and equitable to all of us. And by the way, he paid us heaps of cash, as well as everything else’. Because the everything else really means a lot to him, and it’s fine by us.”

Fast forward to the 50:15 minute mark of this video, If you want to see what Andrew is talking about when he says it’s better for the aboriginal communities if Fortescue provides training, guaranteed jobs and contracts as part of the compensation rather than straight cash.

Fortescue Vtec program provides support of aboriginal communities by offering real training and real high paying jobs, they also have a program committed to helping fund aboriginal owned businesses and providing them contracts.

But, yes there will always be groups that want just straight piles of cash.

Watch from the 50:15 minute mark to hear from some aboriginal people who have been through the programs Andrew set up, no other mining company gives people second chances at life like Fortescue, it’s cheaper to just fly in workers, only Fortescue is putting in the effort.

 

[farmerge]

A lot of that article in the Fin is pretty wild. Defensive, angry rambling. Seems like the YAP have a case and it's going to cost FMG a motza.

“Joe, you mustn’t misquote me,” Dr Forrest said in an interview with the Financial Review to clarify his position. “I’ve said many, many times, and if you don’t put this in your article, I’ll be really disappointed: I’m happy and always have been happy to meet with [Yindjibarndi Aboriginal Corporation CEO] Michael Woodley any time, we’ve known each other for a long time, [former Fortescue CEO] Elizabeth Gaines has met with him several times, [Gaines’ predecessor] Nev [Power] did as well, OK? We pay so much money in cash royalties it makes your eyes water, and we’re happy to do it. But we also pay in training and guaranteed employment and changing lives, and that is because we have a right to not just pay cash.”

“There is a media construct that we don’t want to settle. It’s not true. [Woodley has] had a whole heap of others who have counselled him, who are really serious elders in our community, say, ‘Just go meet with [Forrest], he wants to settle this, he’ll be fair and equitable to all of us. And by the way, he paid us heaps of cash, as well as everything else’. Because the everything else really means a lot to him, and it’s fine by us.”

I get the impression of "just show me the money, and plenty of it. Work why bother when the Cargo Cult is alive and well"
My experience some years ago when I had a contract fencing job, these the laziest of lazy people, turned up at the site. Fiert day about 10 turned. Pay us $50 each and the Woggle won't be disturbed. bull**** I said, bugga off. next day about 20 the same scenario. In the end the company I was employed by just wanted peace and quite and told me to pay them in cash, of course. I wouldn't have a bar of it, and threatened to put them all to sleep with the woggle. Strange that, that was the last I saw of them. And they never got a zac to my knowledge.

 

[basilio]

FFI is still out there chasing opportunities to make green hydrogen a winner. It will be interesting to see which projects get off the ground.

GeelongPort and Fortescue join forces on hydrogen projects in Australia​

February 20, 2023, by Fatima Bahtić

GeelongPort and Fortescue Future Industries (FFI) have signed a Memorandum of Understanding (Mou) to undertake a joint feasibility study to construct a green hydrogen production facility in Geelong, Australia.
Under the MoU, the partners will investigate the suitability and environmental benefits of a green hydrogen production facility at Geelong Port.

GeelongPort and Fortescue join forces on hydrogen projects in Australia

GeelongPort and Fortescue Future Industries (FFI) have signed a Memorandum of Understanding (Mou) to undertake a joint feasibility study to construct a green hydrogen production facility in Geelong, Australia.

www.offshore-energy.biz

 

[basilio]

And there are a couple more international projects being investigated and assessed .

Fortescue’s Holmaneset green project gains ground​

Fortescue Future Industries (FFI), a global green energy company, has advanced its Holmaneset project in Norway to the next phase, providing potential for the development of a 300 MW green hydrogen and green ammonia facility and supporting infrastructure.
In partnership with local Norwegian consultants, and in consultation with the Bremanger Municipality, FFI completed a scoping study to identify potential locations for the development of green energy and port facilities, and the Holmaneset project site was identified as one of them.

Fortescue's Holmaneset green project gains ground

Fortescue Future Industries (FFI) has advanced its green energy Holmaneset project in Norway to the next phase.

www.offshore-energy.biz

Baker Hughes, FFI to jointly pursue hydrogen, ammonia and geothermal projects​

January 31, 2023, by Ajsa Habibic

Energy technology company Baker Hughes has signed a memorandum of understanding (MoU) with Fortescue Future Industries (FFI), a subsidiary of Australian iron ore company Fortescue Metals Group, to collaborate on decarbonisation of hard-to-abate industries.

Courtesy of Baker Hughes
Under the MoU, Baker Hughes and FFI will jointly explore potential opportunities for the scale-up and adoption of novel technology solutions for green hydrogen, green ammonia and geothermal projects.

For hydrogen and ammonia development, the collaboration will leverage Baker Hughes’ expertise and technology related to liquefaction and compression, turboexpanders and hydrogen-fueled turbines.

For geothermal, Baker Hughes will provide its expertise for existing technologies in geothermal subsurface analysis, geothermal well services, emissions measurement, monitoring and carbon reinjection, as well as digital solutions for asset performance management and process optimisation.
“FFI and Baker Hughes share ambitions for transforming and accelerating the energy transition”, said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. “Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are excited to support FFI in its ambitions for a more sustainable future.”
Mark Hutchinson, CEO of Fortescue Future Industries, added: “There is enormous demand for green hydrogen and green energy, and engineering solutions such as those pioneered by Baker Hughes are vital to increasing supply. We look forward to working with Baker Hughes on a variety of projects that will help to enable industries and the world to move beyond fossil fuels.”

Baker Hughes, FFI to jointly pursue hydrogen, ammonia and geothermal projects

Baker Hughes has signed an MoU with Fortescue Future Industries (FFI) to collaborate on decarbonisation of hard-to-abate industries.

www.offshore-energy.biz

 

[mullokintyre]

And there are a couple more international projects being investigated and assessed .

Fortescue’s Holmaneset green project gains ground​

Fortescue Future Industries (FFI), a global green energy company, has advanced its Holmaneset project in Norway to the next phase, providing potential for the development of a 300 MW green hydrogen and green ammonia facility and supporting infrastructure.
In partnership with local Norwegian consultants, and in consultation with the Bremanger Municipality, FFI completed a scoping study to identify potential locations for the development of green energy and port facilities, and the Holmaneset project site was identified as one of them.

Fortescue's Holmaneset green project gains ground

Fortescue Future Industries (FFI) has advanced its green energy Holmaneset project in Norway to the next phase.

www.offshore-energy.biz

Baker Hughes, FFI to jointly pursue hydrogen, ammonia and geothermal projects​

January 31, 2023, by Ajsa Habibic

Energy technology company Baker Hughes has signed a memorandum of understanding (MoU) with Fortescue Future Industries (FFI), a subsidiary of Australian iron ore company Fortescue Metals Group, to collaborate on decarbonisation of hard-to-abate industries.
View attachment 154356Courtesy of Baker Hughes
Under the MoU, Baker Hughes and FFI will jointly explore potential opportunities for the scale-up and adoption of novel technology solutions for green hydrogen, green ammonia and geothermal projects.

For hydrogen and ammonia development, the collaboration will leverage Baker Hughes’ expertise and technology related to liquefaction and compression, turboexpanders and hydrogen-fueled turbines.

For geothermal, Baker Hughes will provide its expertise for existing technologies in geothermal subsurface analysis, geothermal well services, emissions measurement, monitoring and carbon reinjection, as well as digital solutions for asset performance management and process optimisation.
“FFI and Baker Hughes share ambitions for transforming and accelerating the energy transition”, said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. “Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are excited to support FFI in its ambitions for a more sustainable future.”
Mark Hutchinson, CEO of Fortescue Future Industries, added: “There is enormous demand for green hydrogen and green energy, and engineering solutions such as those pioneered by Baker Hughes are vital to increasing supply. We look forward to working with Baker Hughes on a variety of projects that will help to enable industries and the world to move beyond fossil fuels.”

Baker Hughes, FFI to jointly pursue hydrogen, ammonia and geothermal projects

Baker Hughes has signed an MoU with Fortescue Future Industries (FFI) to collaborate on decarbonisation of hard-to-abate industries.

www.offshore-energy.biz

I am a tad wary of geothermal talk in OZ.
The ancient soils of outback OZ are littered with failed GeoTherm companies.
I did a fair bit of dough on the hope that Geotherm would be a winner, and was invested in Pacific Hydro when it was experimenting with geotherms.
Both companies abandoned the tests.
At least I did not lose money on Pacific Hydro,
The town of Birdsville had a geotherm plant forover 75 years, but was replaced by Solar and battery storage.
Winton tried and failed,and I don't believ there are any Geotherm plants running in OZ currently.
Most of them produced electricity, but the costs were greater than the revenue in most cases.
Maybe this time it might be of a scale to be cash flow positive one day.
Mick

 

[Value Collector]

.
I did a fair bit of dough on the hope that Geotherm would be a winner, and was invested in Pacific Hydro when it was experimenting with geotherms.

What year was that?

I invested in Pacific Hydro at around $1.40 in 2000 until 2005 when they were taken over by a super fund for $5.00 per share, I can't remember them ever having a geothermal project during that time, or losing money investors did really well in pacific hydro while it was listed. I think they do now have a geothermal plant, but they are Chinese owned now. Were they relisted some time after 2005 that I missed?

Maybe it was another company you are thinking of, I know there was a company called geo dynamics that went bust drilling geothermal wells in SA.

 

[mullokintyre]

What year was that?

I invested in Pacific Hydro at around $1.40 in 2000 until 2005 when they were taken over by a super fund for $5.00 per share, I can't remember them ever having a geothermal project during that time, or losing money investors did really well in pacific hydro while it was listed. I think they do now have a geothermal plant, but they are Chinese owned now. Were they relisted some time after 2005 that I missed?

Maybe it was another company you are thinking of, I know there was a company called geo dynamics that went bust drilling geothermal wells in SA.

I did a quick search, it was sometime after 2011 when they first partnered with Greenrock energy ( have a look at this article here where the boss of Pacific hydro talks about their investments in geotherm prior to this MOU.

Geodynamics was the one I did my dough on.
Mick

 

[Value Collector]

I did a quick search, it was sometime after 2011 when they first partnered with Greenrock energy ( have a look at this article here where the boss of Pacific hydro talks about their investments in geotherm prior to this MOU.

Geodynamics was the one I did my dough on.
Mick

Oh ok, yep so that was after they were taken private, I thought you were saying you lost money on them which I couldn't understand how. I stopped following them after the take over offer, I have fond memories of Pacific Hydro, it was a great little gem in my portfolio for a number of years.

Yeah I followed Geo dynamics too, I had a couple of shares in them, they always seemed to be just around the corner of a big break through, then they died Hahaha, sad.

 

[basilio]

FMG released an update on their Iron Bridge magnetite project. Commercial production now pushed out to end April due to weather (flooding) issues. No additional costs noted. This will add more high quality iron production to their sales.

Iron ore price has dropped in the past week. Still if it stays over $100 a ton and FMG can still move the volume they have done and add a few percent from Iron Bridge they will be doing well.

Iron Bridge Magnetite Project Update (PDF 111.3 KB)