Fortescue iron ore shipments rise; scraps US, Aussie green energy projects
The Perth-based company said it would not proceed with its Arizona Hydrogen Project in the U.S. and the PEM50 Project in Gladstone, Australia, following a review. It is assessing options to repurpose the land and assets.
Fortescue also expects a preliminary pre-tax writedown of about $150 million in its second-half results, linked to spending on the PEM50 Project, electrolyser manufacturing equipment in Gladstone, and engineering costs for the Arizona Hydrogen Project.
The company posted quarterly iron ore shipments of 55.2 million metric tons (Mt), up from 53.7 Mt a year earlier and above a Visible Alpha estimate of 52.5 Mt, supported by improved processing of the steel-making commodity.
Fortescue, chaired by billionaire founder Andrew Forrest, shipped 198.4 Mt in fiscal 2025 - its best performance in record.
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