Fortescue says green hydrogen remains the ultimate prize but ammonia is first step in the majority of its green energy projects.
Fortescue has said it remains committed to making final investment decisions on five green energy projects by December 31.It has told analysts and investors four of the five projects will at least start life as green ammonia, which is easier to transport than hydrogen.
UBS maintained its sell rating on the stock with a 12-month price target of $15.20 a share after sitting in on the briefing, saying this was based on iron ore price caution and uncertainty on energy project economics and execution risks.Andrew Forrest in Africa Rio Tinto chief executive Jakob Stausholm reached out to Andrew Forrest late last year to see if Rio and Fortescue could find common ground on green hydrogen and its potential to replace fossil fuels.
The Kenya ammonia project is slated to supply fertiliser to local farmers and displace Russian product made using fossil fuel., where it is gearing up for exports from its first overseas iron ore mine.
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