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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Fortescue Metals Group Limited    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

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Fortescue assessing green ammonia plant in Australia's Tasmania

11/16/2020 | 08:54pm EST

MELBOURNE, Nov 17 (Reuters) - Fortescue Metals Group said on Tuesday it was assessing prospects to build an ammonia plant in the southern island state of Tasmania, as part of its push to become a major renewable energy producer.

The project would include a 250-megawatt hydrogen plant at the Bell Bay Industrial Precinct with green ammonia production capacity of 250,000 tonnes per year for domestic and international export, Fortescue said in a statement.

Bell Bay is about 41 km (26 miles) northwest of the city of Launceston.

The project is targeted for an investment decision by the Fortescue Board in 2021, the company said.

Fortescue founder and chairman, billionaire Andrew Forrest last week outlined plans for the miner's wholly owned Fortescue Future Industries (FFI) unit to build a renewable energy business, aiming to compete with oil companies to provide low-cost green energy globally.

Already used in the fertiliser industry, ammonia is expected to play a role as a clean power source, potentially as a chemical store for excess renewable energy, and in the shipping industry as a fuel that only emits water and nitrogen.

One way of making green ammonia is through using hydrogen from water electrolysis and nitrogen separated from the air in a process powered by renewable electricity.

The plant has the potential to be one of the world's biggest green hydrogen projects and will be powered by Tasmanian renewable energy, Fortescue said.

FFI's plans to have 235 gigawatts (GW) of installed energy capacity although did not provide a timeline. (Reporting by Melanie Burton; editing by Christian Schmollinger)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED -1.43% 24.82 End-of-day quote.5.93%
LONDON BRENT OIL 1.15% 55.36 Delayed Quote.6.15%
WTI 0.43% 52.51 Delayed Quote.8.19%
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Financials (USD)
Sales 2021 17 149 M - -
Net income 2021 7 143 M - -
Net cash 2021 507 M - -
P/E ratio 2021 8,24x
Yield 2021 9,80%
Capitalization 58 702 M 58 697 M -
EV / Sales 2021 3,39x
EV / Sales 2022 4,39x
Nbr of Employees -
Free-Float 51,2%
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Mean consensus HOLD
Number of Analysts 17
Average target price 16,16 $
Last Close Price 19,07 $
Spread / Highest target 29,8%
Spread / Average Target -15,3%
Spread / Lowest Target -69,9%
EPS Revisions
Managers and Directors
NameTitle
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
John Andrew Henry Forrest Chairman
Greg Lilleyman Chief Operating Officer
Ian Wells Chief Financial Officer
Mark Bradley Barnaba Deputy Chairman
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