FMG - Fortescue Ltd

[DrBourse]

That's a promising looking candle, looks like it's on the move again.

View attachment 180279

Perhaps you could check this mornings Course of Sales.....
That "promising looking candle" was a warning, not a blessing..... The Big End of Town is playing games again....
FMG today is just a repeat of yesterday 8/7 - The only ST move for FMG is Sideways at best....
DYOR....

 

[TimeISmoney]

Perhaps you could check this mornings Course of Sales.....
That "promising looking candle" was a warning, not a blessing..... The Big End of Town is playing games again....
DYOR....

FMG generally follows the OI prices, and there's a lot of fear mongering going around with supply to China. The IO price is just cycling it won't stay down low forever.

DYOR

 

[Rabbithop]

Perhaps you could check this mornings Course of Sales.....
That "promising looking candle" was a warning, not a blessing..... The Big End of Town is playing games again....
FMG today is just a repeat of yesterday 8/7 - The only ST move for FMG is Sideways at best....
DYOR....

Becareful some predicts FMG will be around $18 plus..I am a holder n keeping my headache at bay

 

[TimeISmoney]

Becareful some predicts FMG will be around $18 plus..I am a holder n keeping my headache at bay

It's bouched off 21 for a month, I think that might be the floor.

 

[sptrawler]

It's bouched off 21 for a month, I think that might be the floor.

It all depends on the Big Dog of materials, if they want to pay top dollar they will, if not they wont.

 

[TimeISmoney]

It all depends on the Big Dog of materials, if they want to pay top dollar they will, if not they wont.

Most of the big flogs that can't predict the next day will have sunlight have long bailed. It's a bit strange how they haven't piled on the shorts which tells me it will jump back up sooner or later. The doom and gloom of China were reported by the big wigs and then MinRes spent billions on a state of the art iron ore loading facility. It's another storm in a teacup.

 

[sptrawler]

Most of the big flogs that can't predict the next day will have sunlight have long bailed. It's a bit strange how they haven't piled on the shorts which tells me it will jump back up sooner or later. The doom and gloom of China were reported by the big wigs and then MinRes spent billions on a state of the art iron ore loading facility. It's another storm in a teacup.

IMO China is playing with us, dump the value of a resource and see if the FIRB will let them pick up the carcass for nothing.
Nickel has been hit, but BHP is putting it on care and Maintenance, Lithium has been hit, IGO and PLS are battening down the hatches.
This is the game China plays, it is just a case of waiting them out, they are the sellers of the end product, we have the input resources.
Eventually they run out of stockpile.
The problem really hits us, when we run out of product, so giving it to them for nothing is shooting ourselves in the foot.
Having said that, we seem to do it an aweful lot, that seems to be because we feel we have an endless supply of everything.

 

[Chipp]

Fortescue to Lay Off About 700 Workers; Names Apple Paget as Group CFO​

Fortescue to Lay Off About 700 Workers; Names Apple Paget as Group CFO

www.morningstar.com

 

[Dona Ferentes]

Fortescue to Lay Off About 700 Workers; Names Apple Paget as Group CFO​

and a backburner for hydrogen ...

Forrest said Fortescue would in the immediate future focus on generating and distributing clean power, rather than use that clean power to make hydrogen.

“We’re going to stay where we know we can win, and that’s green electricity. Nothing beats green electricity,” he said.

 

[TimeISmoney]

The concession comes after a six-year period in which Dr Forrest was one of the world’s leading advocates for hydrogen and as Fortescue works to break down a corporate structure that had previously treated its energy and iron ore mining divisions as separate companies.
The decision out of Perth stokes speculation the Albanese government’s flagship Hydrogen Headstart program, which proposes a $2 per kilogram subsidy to hydrogen producers, may be insufficient to spur the industry into commercial reality. Woodside Energy has struggled to get a US hydrogen project signed off without enough customers willing to pay a premium for low carbon fuels.

Dr Forrest said lower energy prices were the priority for world leaders at a time when war in Ukraine and the Middle East had roiled commodity markets, driven up the cost of energy and challenged the economics of hydrogen, which is more expensive than natural gas.
“In that environment you’re not going to bring in major sources of green hydrogen, which relies on cheap energy prices,” he said.

Labor’s hydrogen dream stalls as Fortescue slims down H2 vision

Fortescue will cut 700 jobs and slow its push into green hydrogen in a blow to the Albanese government’s plan to make Australia a hydrogen superpower supported by more than $8 billion of taxpayer funded incentives.

www.afr.com

 

[Garpal Gumnut]

and a backburner for hydrogen ...

Forrest said Fortescue would in the immediate future focus on generating and distributing clean power, rather than use that clean power to make hydrogen.

“We’re going to stay where we know we can win, and that’s green electricity. Nothing beats green electricity,” he said.

Twiggy Forrest usual has a Plan B ... and C ...

gg

 

[TimeISmoney]

Twiggy Forrest usual has a Plan B ... and C ...

gg

I think it's just the way the dice land sometimes, Twiggy also had ventures in the US, the possibility of Trump entering the room in the US and Dutton in Australia would chop out much of the support for green energy. He still has a lot going on with electrifying his mining operations.

 

[JohnDe]

Fortescue, Playground-backed hydrogen flight start-up collapses

Universal Hydrogen had attracted almost $150 million in funding, including from Aussie Peter Barrett’s Playground Global, but it wasn’t enough for it to take flight.

www.afr.com

Not directly fmg, just fmg money so shareholders $..and fmg PR about hydrogen

Maybe now people will start to realise that harnessing hydrogen as an energy source is a very complex issue. Not impossible but very difficult and expensive to get to the desired goal.

Dr Forrest and his leadership team spent the past three years waving away genuine concerns about the plans that were being expressed by investors, market analysts, hydrogen and energy experts, and even the company’s own staff – many of whom left in frustration well ahead of Wednesday’s announcement.​

​

But belief alone cannot defy reality, and it has been clear for some time that Fortescue took on more than it could ever handle – perhaps to the detriment of projects that could have been achieved.​

​

The reputational damage brought about by the retreat from this green foray is enormous, both to Fortescue and to other Australian companies operating overseas.​

​

Forrest has spent the past four years touring developing nations making big promises about the jobs that green hydrogen will bring, and the economic transformation his company could help deliver to some of the poorest countries in the world, if they give Fortescue access to their resources.​

​

Few, if any, of those promises will now be delivered – and that will not be easily forgotten the next time an Australian company rolls into town looking for support for a mining or energy project.​

However Fortescue may try to spin it, the announcement it will slash 700 roles from its global headcount is more than just an attempt to remain “lean, impactful and agile”.

The last time Fortescue made cuts this deep into its workforce was when it sacked 1000 people in a single day in 2012, when the tumbling iron ore price combined with Fortescue’s massive debts to create an existential crisis for the iron ore producer.

For Fortescue to abandon its ambitions to produce 15 million tonnes of green hydrogen a year by 2030, and make similarly deep cuts to its workforce, represents a humiliating backdown.

Not because the company has abandoned the goal in the face of reality.

But because Dr Forrest and his leadership team spent the past three years waving away genuine concerns about the plans that were being expressed by investors, market analysts, hydrogen and energy experts, and even the company’s own staff – many of whom left in frustration well ahead of Wednesday’s announcement.

In that time Fortescue has become increasingly erratic in its strategy and less tolerant of criticism – both internally and from the media and the investment community, as the company embraced the new vision of its founder and the “creative chaos” that came with it.

You cannot fault Forrest for his ambition, his commitment to innovation, and his attempt to try to drive a shift to green energy by bringing the scale of Fortescue’s resources to bear on a problem others have found too difficult to grapple with.

Hopefully some good will eventually come of all that frenzied work.

But belief alone cannot defy reality, and it has been clear for some time that Fortescue took on more than it could ever handle – perhaps to the detriment of projects that could have been achieved.

Plenty of voices inside Fortescue have been saying that along the journey, but have been told to get with the program or leave.

The reputational damage brought about by the retreat from this green foray is enormous, both to Fortescue and to other Australian companies operating overseas.

Forrest has spent the past four years touring developing nations making big promises about the jobs that green hydrogen will bring, and the economic transformation his company could help deliver to some of the poorest countries in the world, if they give Fortescue access to their resources.

Few, if any, of those promises will now be delivered – and that will not be easily forgotten the next time an Australian company rolls into town looking for support for a mining or energy project.

Many investors will welcome Wednesday’s backdown as offering hope the company will return its focus to the mining arm where it makes its money.

But real questions still need to be asked about how the rest of the Fortescue board did not rein in Forrest’s green ambitions well before now.

https://www.theaustralian.com.au/business/mining-energy/fortescues-humiliating-move-raises-serious-fears-for-our-reputation/news-story/d31e8982caaec079064870b1f15a4f9c

 

[farmerge]

Maybe now people will start to realise that harnessing hydrogen as an energy source is a very complex issue. Not impossible but very difficult and expensive to get to the desired goal.

Dr Forrest and his leadership team spent the past three years waving away genuine concerns about the plans that were being expressed by investors, market analysts, hydrogen and energy experts, and even the company’s own staff – many of whom left in frustration well ahead of Wednesday’s announcement.​

​

But belief alone cannot defy reality, and it has been clear for some time that Fortescue took on more than it could ever handle – perhaps to the detriment of projects that could have been achieved.​

​

The reputational damage brought about by the retreat from this green foray is enormous, both to Fortescue and to other Australian companies operating overseas.​

​

Forrest has spent the past four years touring developing nations making big promises about the jobs that green hydrogen will bring, and the economic transformation his company could help deliver to some of the poorest countries in the world, if they give Fortescue access to their resources.​

​

Few, if any, of those promises will now be delivered – and that will not be easily forgotten the next time an Australian company rolls into town looking for support for a mining or energy project.​

@JohnDe This is certainly not a good look for FMG and for the staff who have been retrenched, now will be doing what?

 

[TimeISmoney]

@JohnDe This is certainly not a good look for FMG and for the staff who have been retrenched, now will be doing what?

That's fairly normal in the mining industry, I was in Port Hedland years ago with Monodelphious and they laid off over 200 people at once because engineers miscalculated the profitability of a conveyor system. People were on the phone all day trying to cancel new car orders, 10K bed suites and so on. Not a nice position to be in that's for sure.

 

[Sean K]

Can someone please post a link to Dr Andrew Forrest's full PhD dissertation? I can only find an abstract. TIA.

 

[Skate]

Can someone please post a link to Dr Andrew Forrest's full PhD dissertation? I can only find an abstract. TIA.

@Sean K, to my knowledge, Dr. Andrew Forrest’s PhD dissertation, is not publicly available. The University of Western Australia’s research repository only provides the abstract and some details about the dissertation.

To access the full text, you might consider contacting the University of Western Australia’s library or the School of Biological Sciences directly. They may be able to provide access or guide you on how to obtain it.

Skate.

 

[farmerge]

@Sean K, to my knowledge, Dr. Andrew Forrest’s PhD dissertation, is not publicly available. The University of Western Australia’s research repository only provides the abstract and some details about the dissertation.

To access the full text, you might consider contacting the University of Western Australia’s library or the School of Biological Sciences directly. They may be able to provide access or guide you on how to obtain it.

Skate.

Good morning Professor.
I wonder why Twiggy's PhD is a hidden feature. Is it a give me for perhaps a large donation to UWA at some stage.!!!!

 

[Skate]

Good morning Professor.
I wonder why Twiggy's PhD is a hidden feature. Is it a give me for perhaps a large donation to UWA at some stage.!!!!

@farmerge, it’s common practice for universities to selectively make dissertations available, often providing only a condensed abstract. This approach helps protect the original work while still sharing key insights, as @Sean K mentioned in his previous post.

Skate.

 

[Sean K]

@farmerge, it’s common practice for universities to selectively make dissertations available, often providing only a condensed abstract. This approach helps protect the original work while still sharing key insights, as @Sean K mentioned in his previous post.

Skate.

It seems to be a common practice for the UWA to accept, but then hide, doctoral thesis regarding CAGW for some reason.