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    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Delayed Australian Stock Exchange  -  05/17 02:10:05 am EDT
19.39 AUD   +2.27%
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Fortescue Starts Search for New CEO as It Attempts Pivot to Low-Carbon Energy -- Update

12/09/2021 | 07:46pm EDT

By Rhiannon Hoyle

Iron-ore miner Fortescue Metals Group Ltd. said it will look for a new chief executive as it seeks to expand into low-carbon energy.

Fortescue, the world's fourth largest miner of the steelmaking material, on Friday said it has appointed executive search firm Egon Zehnder to find a successor to CEO Elizabeth Gaines, who will shift into a nonexecutive director role at the company.

Fortescue is undergoing a "major transition from a pure play iron-ore and future-facing metals exploration group, to a vertically integrated green energy and resources group," the company said.

Ms. Gaines has been CEO of Fortescue since early 2018 and has been a member of its board since 2013.

Fortescue, which relies on the sale of iron ore for its profits, has been building a portfolio of clean energy projects centered on green hydrogen.

The company on Thursday announced a cooperation agreement with Indonesia's North Kalimantan provincial government to study potential renewable energy and green hydrogen projects.

Earlier this week, it agreed with AGL Energy Ltd. to look at ways to repurpose infrastructure at two Australian coal-fired power stations to generate green hydrogen, while separately signing memoranda of understanding with three indigenous communities in Canada aimed at developing energy projects there.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

12-09-21 1946ET

Stocks mentioned in the article
ChangeLast1st jan.
AGL ENERGY LIMITED 2.25% 8.62 Delayed Quote.37.30%
FORTESCUE METALS GROUP LIMITED 2.27% 19.39 Delayed Quote.-1.30%
GREEN HYDROGEN SYSTEMS A/S 1.61% 17.62 Delayed Quote.-49.52%
ZEHNDER GROUP AG 2.16% 70.8 Delayed Quote.-25.56%
All news about FORTESCUE METALS GROUP LIMITED
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Analyst Recommendations on FORTESCUE METALS GROUP LIMITED
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Financials (USD)
Sales 2022 17 444 M - -
Net income 2022 6 323 M - -
Net Debt 2022 1 198 M - -
P/E ratio 2022 6,64x
Yield 2022 11,1%
Capitalization 41 853 M 41 853 M -
EV / Sales 2022 2,47x
EV / Sales 2023 2,63x
Nbr of Employees -
Free-Float 50,9%
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 19
Last Close Price 13,60 $
Average target price 12,77 $
Spread / Average Target -6,14%
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
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