Fortescue Approves $750 Million Investment Across Clean Energy, Metal Projects

By Rhiannon Hoyle

Fortescue Metals Group has approved two clean energy projects and another aimed at producing iron using renewable energy, with the planned investments totaling roughly $750 million over the next three years.

Directors of Fortescue's board approved investment in the Phoenix Hydrogen Hub in the U.S., the Gladstone PEM50 Project in Australia's Queensland state and a so-called green iron trial plant in Western Australia, the company said Tuesday.

Fortescue, one of the world's biggest producers of iron ore, said it now expects capital expenditure of $500 million for its energy unit this fiscal year, up from a prior estimate of $400 million. The capital expenditure estimate for its metals business is unchanged.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

November 20, 2023 19:05 ET (00:05 GMT)

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