Australia’s iron ore future is different, not dead
There’s plenty of red dirt in Fortescue’s results presentation – which makes it a bit different to its two big rivals. Andrew Forrest is in China trying to work it out.
As our two biggest iron ore exporters dress themselves up as future-facing copper companies, third force Fortescue has nowhere to hide. In fact, it does not even want to.
Fortescue’s future is firmly Pilbara iron ore. It will spend $US4 billion ($5.9 billion) this year developing hubs and mines, exploration and trying to decarbonise its operations, mostly focused on iron ore. Energy – the hydrogen part – is slated to get only $US500 million of it.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
