Australian iron ore miner Fortescue Metals Group has announced that it plans to invest US$6.2 billion to eliminate fossil fuel use and carbon emissions from its iron ore operations by 2030. The investment will enable the company to supply its customers with a carbon-free product.
Most of the investment is planned for 2024-28 and includes an additional 2-3 gigawatts of renewable energy generation.
When fully implemented, the company’s decarbonization strategy and associated investment will annually prevent three million mt of carbon equivalent greenhouse gas emissions and reduce annual operating costs by US$818 million.