Analysts have downgraded the
Fortescue Metals Group Limited(ASX: FMG) share price in response to ongoing issues with the miner’s troubled Iron Bridge project.
The magnitite project in Western Australia has raised questions in the past due to potentially higher than expected capex expenditure. Pushback on the project deadlines and increasing costs are also some of the catalysts noted.
What do the brokers say?
Goldman Sachs is one of the brokers that has changed its investment rating on Fortescue Metals.
In its report last Friday, Goldman said it expected a strong June quarter and a record final dividend in August, but rated the company a
Australian green ammonia exports to Japan being studied
Out-Law News | 27 May 2021 | 3:18 am |
Australia’s Fortescue Future Industries (FFI) has signed a deal with Japan’s IHI Corporation and its Australian arm IHI Engineering Australia to study the potential of establishing green ammonia supply chains between Australia and Japan.
The companies will assess the feasibility of supplying green ammonia which is produced from renewable energy sources with no emissions in Bell Bay, Tasmania, and transporting it to Japan to be blended into existing power generation, a statement said.
It is part of FFI’s feasibility and development programme for the 250 megawatts (MW) green hydrogen and ammonia Bell Bay project which was announced in November 2020, reported as having “the capacity to be one of the world’s largest green hydrogen plants”. It is part of Fortescue s plans to be carbon neutral by 2040.