FSUMF - Fortescue weighs shuttered U.S. coal mine site for green hydrogen plant

Fortescue Metals (OTCQX:FSUMF) said on Friday it signed an agreement with nonprofit Industrial Park at TransAlta in Washington state to evaluate ways to convert a former coal mine into a green hydrogen production facility, Dow Jones reports. Fortescue (OTCQX:FSUMF) said it wants to repurpose existing fossil fuel infrastructure to create a green hydrogen plant that could form part of a Pacific Northwest renewable hydrogen hub. The Centralia coal pit was shuttered in 2006, and a nearby coal-fired power plant is scheduled to close in 2025. "Subject to the outcome of the feasibility studies, [Fortescue's] intention would be to seek to employ the existing coal workforce for the proposed project, facilitating a transition into the emerging green energy economy," the company said. Chinese iron ore futures plunged this week to their lowest levels in nearly two months, as demand has been slammed by China's COVID-19 lockdowns.

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Fortescue weighs shuttered U.S. coal mine site for green hydrogen plant