Australian miner Fortescue reveals $6.2 billion carbon plan

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australian iron ore miner Fortescue Metals Group has announced a $6.2 billion plan to eliminate fossil fuels and carbon emissions from its operations by the end of the decade. The world’s fourth-largest iron ore producer said in a statement to the Australian Securities Exchange on Tuesday that it expects to save $818 million annually from 2030 based on current prices of diesel, gas and carbon credits. Most of the spending is planned for 2024-28. It includes an additional 2-to-3 gigawatts of renewable energy generation and battery storage and a “green mining” fleet of trucks and trains. Fortescue chairman Andrew Forrest said the company is already benefiting financially from a decarbonization policy that began two years ago.