The Andrew Forrest-led company has given the go-ahead on three clean energy projects.
Already a subscriber?Fortescue will proceed with its first three projects under the iron ore group’s ambitious plans to become a major force in hydrogen and renewable energy, committing to investments worth $US750 million in Australia and the United States.
Fortescue also ticked off on a $US150 million, 50 megawatt green hydrogen project at Gladstone in Queensland, and a green iron trial plant at itsIt has not given up hope on a widely promoted plan to arrive at final investments on five projects by December 31, which could come from Brazil, Kenya and Norway. The capital will be allocated over the next three years.
Proxy advisers took issue with payments to long-serving director and deputy chairman Mark Barnaba, and to former chief executive Elizabeth Gaines and former chief financial officer Ian Wells. Ms Gaines, a current board member, was also allocated a $795,000 “exertion” payment. The Phoenix hub should qualify for clean hydrogen production tax credits under the Inflation Reduction Act. Once eligible, the incentive will cover its first 10 years of service at up to $US3 per kilogram.
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