1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Fortescue Metals Group Limited
  6. News
  7. Summary
    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-06-24 am EDT
17.28 AUD   +0.17%
06/24Fortescue - Australian-German business coalition produces a roadmap for large scale green hydrogen import to Germany
AQ
06/24Australia's sex discrimination commissioner calls for urgent change in mining sector
RE
06/24FORTESCUE METALS : Australian-German business coalition produces a roadmap for large scale green hydrogen import to Germany
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Fortescue Founder Forrest to Retake Control of Iron-Ore Operations -- Update

05/17/2022 | 05:09pm EDT

By Stuart Condie


SYDNEY--Fortescue Metals Group Ltd. founder Andrew Forrest will retake control of the mining group's iron-ore business when Chief Executive Elizabeth Gaines steps down in August.

The Australian miner on Wednesday said that Mr. Forrest will become executive chairman in August and oversee the iron-ore business for what it called an interim period. Mr. Forrest, who founded Fortescue in 2003, is currently chairman.

Fortescue also announced a raft of appointments to its Fortescue Future Industries unit, where activities include investing in low-emission energy technologies. Mark Hutchinson, a former president and CEO of General Electric Europe, will join FFI in July and become its chief executive by the end of 2022.

The move is part of a reshuffle that means the CEOs of both Fortescue's mining operations and FFI will report to the Fortescue Metals board.

Current FFI CEO Julie Shuttleworth will move into an unspecified executive role, while Ms. Gaines's shift to a ambassadorial role had already been announced. Fortescue has not announced a permanent successor to Ms. Gaines.

Andrew Vesey, a former chief executive of Australian power generator and retailer AGL Energy Ltd., will join FFI to lead its energy transition projects. Mr. Vesey left AGL, Australia's largest carbon emitter, in 2018 following the company's decision to close one of its coal-fired power stations.

"We are doing the hard work to genuinely decarbonize Fortescue, avoiding the temptation we see all around us to greenwash," Mr. Forrest said.


Write to Stuart Condie at stuart.condie@wsj.com


(END) Dow Jones Newswires

05-17-22 1909ET

Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED 0.86% 8.19 Delayed Quote.33.39%
FORTESCUE METALS GROUP LIMITED 0.17% 17.28 Delayed Quote.-10.05%
GENERAL ELECTRIC COMPANY 4.70% 67.08 Delayed Quote.-32.18%
All news about FORTESCUE METALS GROUP LIMITED
06/24Fortescue - Australian-German business coalition produces a roadmap for large scale gre..
AQ
06/24Australia's sex discrimination commissioner calls for urgent change in mining sector
RE
06/24FORTESCUE METALS : Australian-German business coalition produces a roadmap for large scale..
PU
06/23Australia shares slip as recession worries weigh on commodities
RE
06/23GREEN HYDROGEN MAY BE ENERGY'S FUTUR : Russell
RE
06/23GREEN HYDROGEN MAY BE ENERGY'S FUTUR : Russell
RE
06/22Australian state inquiry says miners failed to protect women
RE
06/22Australian shares rebound on boost from banks, tech
RE
06/21What is Australia doing about sexual harassment in mining camps?
RE
06/21What is Australia doing about sexual harassment in mining camps?
RE
More news
Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
More recommendations
Financials (USD)
Sales 2022 17 323 M - -
Net income 2022 6 246 M - -
Net Debt 2022 1 286 M - -
P/E ratio 2022 5,92x
Yield 2022 12,4%
Capitalization 36 951 M 36 951 M -
EV / Sales 2022 2,21x
EV / Sales 2023 2,35x
Nbr of Employees -
Free-Float 50,9%
Chart FORTESCUE METALS GROUP LIMITED
Duration : Period :
Fortescue Metals Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FORTESCUE METALS GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 12,01 $
Average target price 12,72 $
Spread / Average Target 5,93%
EPS Revisions
Managers and Directors
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
Ian Wells Group Manager-Treasury & Business Planning
John Andrew Henry Forrest Chairman
Fernando Pereira Director-Operations & Pilbara Operations
Mark Bradley Barnaba Deputy Chairman
Sector and Competitors
1st jan.Capi. (M$)
FORTESCUE METALS GROUP LIMITED-10.05%36 951
VALE S.A.-6.88%67 659
KUMBA IRON ORE LIMITED10.24%10 298
CSN MINERAÇÃO S.A.-38.58%4 344
NMDC LIMITED-19.34%4 029
DETERRA ROYALTIES LIMITED-0.47%1 572