FSUMF - Fortescue to expand into green energy competing with fossil fuel giants

Fortescue Metals (FSUMF) outlines ambitious plans to build a renewable energy business that would compete with oil giants to provide low-cost green energy globally.Delivering his chairman's address at the company's annual general meeting, Andrew Forrest said the world's fourth largest iron ore miner would crete a new Fortescue Future Industries arm to finance, develop and operate renewable energy projects including green hydrogen and green ammonia plants.Forrest says FFI will aim to build 235 GW of installed energy capacity - greater than Chevron's entire 2019 energy production - and already committed $1B in investments out to 2023.Fortescue posted a record $4.74B net profit last year on a mix of high prices for iron ore and better margins for its products.

For further details see:

Fortescue to expand into green energy, competing with fossil fuel giants