Fortescue Metals Group founder and executive chairman Andrew Forrest has taken umbrage because some analysts aren’t drinking what one has described as green-flavoured Kool Aid.
Andrew Forrest says analysts haven’t thought through his big spending and ambitious decarbonisation plans for Fortescue Metals Group.
Dr Forrest’s comments come after some tense exchanges on an analyst call on September 21 on the back of Fortescue unveiling plans to switch to renewable energy and green-powered vehicles, with most of the spend from 2024-28 and anticipated net operating cost savings of $US818 million a year from 2030.
The JPMorgan analysts have scaled back Fortescue’s earnings forecast by 20 per cent on the back of revised iron ore prices.to fund Dr Forrest’s ambitious strategy, but he denies this is the case. Recently installed FFI boss Mark Hutchinson has said the company doesn’t expect to be selling any hydrogen for at least three years, so Fortescue is facing a challenging bridge period when profits from iron ore will probably be lower and spending proper on FFI starts while it is not making much money.
The company had expected to be selling about 40 million tonnes a year of West Pilbara Fines by this time, but only managed 15 million tonnes in 2021-22 and expects volumes to be similar this year.
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