FMG - Fortescue Ltd

[mullokintyre]

This isn't a good look for FMG or Twiggy. Hope they get some common sense and leave the tower operating.

Pilbara pastoralist pleads with Andrew Forrest's Fortescue to leave phone tower in black spot​

i think its an even worse look for the federal governments, current and past.
The fact that a private company has had to step in to provide the most basic of comms facilities is another inditement on the city centri thinking.
Its not an isolated thing - just 20 kms from here where I live, there is no wireless phone reception.
Mick

 

[farmerge]

This isn't a good look for FMG or Twiggy. Hope they get some common sense and leave the tower operating.

Pilbara pastoralist pleads with Andrew Forrest's Fortescue to leave phone tower in black spot​

ABC Pilbara
/ By Michelle Stanley
Posted 2h ago2 hours ago
View attachment 160300
Annabelle Coppin says it would be a "gesture of goodwill" if FMG left its temporary phone tower in place.(Supplied)
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After almost two years of providing mobile phone service to remote Western Australia, Fortescue Metals Group (FMG) has switched off a phone tower — and the community wants it back.

Key points:​

• Mining company FMG has switched off a temporary mobile phone tower near the remote Pilbara town of Marble Bar
• The tower had been providing telecommunications coverage to a black spot in the area for almost two years
• Locals are pleading with the company to leave the tower in place as a gesture of goodwill to the community

The mobile phone tower, 40 kilometres from Marble Bar on the Marble Bar Road, had provided small cell coverage to the remote area since 2021.

The tower previously provided network coverage in the middle of a 110km-long mobile black spot, providing a critical communications lifeline to remote stations and communities around the outback town.
"Why can't [FMG] … give something back to the community that actually really makes a difference?" Yarrie Station pastoralist Annabelle Coppin said.

"It's already there, it's already working, they've already put the assets and the money into it.
"I just think we are crazy not to be saying 'Leave this capital in place, leave it there for community.'"

Anger at Andrew Forrest's mining company's decision to switch off mobile coverage

A prominent Pilbara pastoralist calls for a "gesture of goodwill" from Fortescue Metals Group after it switched off a remote phone tower in the middle of a mobile black spot.

www.abc.net.au

Perhaps Telstra should be footing the bill to keep it there or at least make a donation towards its upkeep.

 

[basilio]

Perhaps Telstra should be footing the bill to keep it there or at least make a donation towards its upkeep.

Good idea. FMG's view is that they want to re use the tower in another location for a new mining development. I can see that but if someone ponied up some funds for the current tower then perhaps fair enough ?

I wonder how much we are talking about here ? In particular how much sunk costs which can't be recovered.

 

[farmerge]

Good idea. FMG's view is that they want to re use the tower in another location for a new mining development. I can see that but if someone ponied up some funds for the current tower then perhaps fair enough ?

I wonder how much we are talking about here ? In particular how much sunk costs which can't be recovered.

I guess that the area being remote costs would not be in the peanut league. At worst the Fed Gov and Telstra should have payed for it in the first place.

 

[basilio]

Another analysis of the latest Quarterly report. Pulls out a couple more salient points. Breakdowns of CAPEX. Increase in exploration.

MSN

 

[basilio]

New CFO for Fortescue Energy. Normal story. Very experienced, very committed, wants to run the extra mile (or marathon) for the company.
One particular point did stand out with regard to implementing major green energy projects.

Having spent 24 years in the mining and minerals industries, Deborah will play a critical role in enabling Fortescue Energy to deliver on its ambition to bring five projects to the Fortescue Board for Final Investment Decision this year.

Fortescue Energy Appoints New CFO (PDF 144.0 KB)

 

[basilio]

Twiggy is also making news in UK. Could have an impact on the production of electric powertrains for FMGs mining fleet.

Billionaire investor threatens to pull out of UK amid global outcry at new oil rush​

Australian mining entrepreneur Andrew Forrest criticises ‘clickbait’ fossil fuel plans as others say Britain has lost credibility

Sandra Laville, Oliver Milman, Nina Lakhani and Ajit Niranjan
Wed 2 Aug 2023 02.38 AESTFirst published on Tue 1 Aug 2023 23.00 AEST


The billionaire Australian mining tycoon and investor Andrew Forrest has led international condemnation of the UK’s new oil rush, saying he would pull his major investment from the country if the prime minister pursued “clickbait” fossil fuel policies.
The iron ore magnate, who also runs the Minderoo Foundation philanthropic organisation, threatened to move his investments out of the UK over Rishi Sunak’s swivel towards new oil and gas drilling.

“I am a major investor here,” Forrest told Bloomberg News on a visit to London. “If I see this country steering itself over a cliff backing fossil fuel, I am going to start pulling out. I will push my investments over to North America … I must invest where I know I have proper leadership, not leadership which is on a clickbait cycle.”

Forrest, one of the wealthiest people in Australia, is a major proponent of green hydrogen where the power is produced from renewables. His Fortescue Future Industries investment vehicle has a cash mountain of billions of dollars and has signed a major deal with JCB, as well as building a factory to produce batteries and electric powertrains for heavy industry vehicles and trains in Oxfordshire.

The prime minister’s announcement that more than 100 new oil and gas drilling licences would be granted for the North Sea in the autumn has sparked condemnation from climate scientists, energy experts and some within his own party.

Billionaire investor threatens to pull out of UK amid global outcry at new oil rush

Australian mining entrepreneur Andrew Forrest criticises ‘clickbait’ fossil fuel plans as others say Britain has lost credibility

www.theguardian.com

 

[basilio]

FMG had a presentation with Investors and Analysts on the June Quarterly production report.
The story adds a fair bit of meat to the Iron ore and Energy developments currently being developed.

June Quarterly Production Report - Investor and Analyst Call Transcript

0.27 MB

 

[Garpal Gumnut]

Not wishing to break in to all the FA on FMG I just thought I'd share a chart which took my attention just now. It is a medium term chart of FMG as we head in to a time of year for bad news in the Northern Hemisphere and stock price falls. Then there is China, which last time I looked was in the Northern Hemisphere.

There has been a fall in price recently and a gap to fill. The horizontal line has been touched and breached. It may signal a weak price point and a further fall.

gg

 

[farmerge]

Hmm the money grab is on. Twiggy being "asked" for a billion dollar donation to some crowd of 1st peoples. Just the start I feel.

 

[qldfrog]

Hmm the money grab is on. Twiggy being "asked" for a billion dollar donation to some crowd of 1st peoples. Just the start I feel.

If you play the wokes, they will never be satisfied.
A salutary lesson for many that Twiggy is going to demonstrate for all in the coming years..green energy, the Uberaustralians, it will never end, and I hope it does not..

 

[frugal.rock]

The love affair between the WA grubberment and Twiggy might break with this one, if current legal argument places onus on the grubberment.

Sadness, anger as billionaire miner's legal battle with the Yindjibarndi puts native title rights on trial

A landmark court case is hearing whether traditional owners have a right to compensation from Andrew Forrest's FMG, but experts say far more than their own claim is on trial.

www.abc.net.au

 

[TimeISmoney]

The love affair between the WA grubberment and Twiggy might break with this one, if current legal argument places onus on the grubberment.

Sadness, anger as billionaire miner's legal battle with the Yindjibarndi puts native title rights on trial

A landmark court case is hearing whether traditional owners have a right to compensation from Andrew Forrest's FMG, but experts say far more than their own claim is on trial.

www.abc.net.au

I really don't understand this, land is so important because it's sacred and they're connected to it but as soon as money changes hands it's all forgotten.

 

[farmerge]

I really don't understand this, land is so important because it's sacred and they're connected to it but as soon as money changes hands it's all forgotten.

Just show us the money and plenty of it !!!!

 

[dat111]

The love affair between the WA grubberment and Twiggy might break with this one, if current legal argument places onus on the grubberment.

Sadness, anger as billionaire miner's legal battle with the Yindjibarndi puts native title rights on trial

A landmark court case is hearing whether traditional owners have a right to compensation from Andrew Forrest's FMG, but experts say far more than their own claim is on trial.

www.abc.net.au

Does Twiggy have enough political clout with all of the green initiatives that he has been working on...

I ponder whether the green initiatives have been tied to political influence...

 

[qldfrog]

I really don't understand this, land is so important because it's sacred and they're connected to it but as soon as money changes hands it's all forgotten.

That the beauty in it.it is so sacred that any deal, money offered can still be reviewed and deemed not enough and unfair tomorrow or next year or at the next geotech find or IO price jump.
A marvel.
let's create a trampoline traditional event to remember our connection to land.
As I said here, nothing is ever enough..green native woke same same and businesses are fooling themselves...

 

[TimeISmoney]

That the beauty in it.it is so sacred that any deal, money offered can still be reviewed and deemed not enough and unfair tomorrow or next year or at the next geotech find or IO price jump.
A marvel.
let's create a trampoline traditional event to remember our connection to land.
As I said here, nothing is ever enough..green native woke same same and businesses are fooling themselves...

The only thing I see connecting with sacred land is the money.

 

[basilio]

Twiggy was absolutely ruthless in dealing with local indigenous people when he started developing his mine. When he finally made an "agreement" it was with a splinter group that he had financed and organised.

Fortescue helped fund breakaway Aboriginal group's campaign against land owners

Andrew Forrest's Fortescue Metals Group helped organise a meeting of Aboriginal leaders aimed at ousting the recognised Indigenous representatives and freeing up access to land its mines sit on.

www.abc.net.au

 

[Garpal Gumnut]

@basilio

Anything from your reading of the punter's friend, www.theguardian.com, that might guide a poor cis such as myself in predicting a floor for the FMG price in the current economic cycle?

I am agnostic as to the gender bending identities of the correspondents you quote.

I myself see nothing but doom or gloom notwithstanding the evident lack of "welcome to country" nor fourth syllable invective towards Mr. Forrest AO in any of the posts thus far.

I attach a chart

gg

 

[Sean K]

This place is a revolving door of senior executives. It all seems very unusual for a significant major business. I wonder what the issues are?