FMG to spend $400-600 million in FY22 for future planning

The world’s fourth largest iron ore miner - Fortescue Metals Group (FMG) - plans to spend $400-600 million in the fiscal year 2022 (July 1-June 30 2022) for its future development under the scheme of “Fortescue Future Industries (FFI)” including its decarbonisation efforts, the company shared in its releases on August 30.

“Key areas of activity include green fleet development and decarbonisation technologies, as well as studies and asset identification in Australia and internationally,” it commented, sharing that it will try out hydrogen, ammonia and battery power technology in its fleet of haul trucks, locomotives, drill rigs, ore carriers and ships,