Latest News

Australian miner Fortescue receives a loan of nearly $2 billion to advance decarbonisation

Fortescue announced on Friday that it had secured a term loan facility of 14.2 billion Chinese Yuan ($1.9 billion), as the Australian mining company looks to support ambitious decarbonisation goals.

The mining giant announced at the end July that they would be scaling back their green hydrogen projects both locally and in the United States.

Fortescue said that it was evaluating options for repurposing the assets and land of the Arizona Hydrogen Project, and the PEM50 Project at Gladstone in Australia. It is expecting a preliminary write-down of $150 million before taxes in its second-half earnings, related to the spending on these businesses.

The miner stated that its Fortescue Energy division was unlikely to reach the target of 15 million metric tonnes of green hydrogen production by 2030.

Fortescue said on Friday that some of the leading Chinese, Australian and foreign lenders had participated in the term loan facility.

Andrew Forrest said that the executive chairman of the company, Andrew Forrest, stated, "As America steps back from investment in what will become the world's largest industry, China is advancing green technology to lead the global industrial green revolution."

The company is one of the largest iron ore suppliers to China.

(source: Reuters)