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FORTESCUE METALS GROUP LIMITED

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Delayed Australian Stock Exchange  -  02:11 2022-08-12 am EDT
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Miner Fortescue says it won't shy away from countries with troubled human rights

06/14/2022 | 06:07pm EDT
Andrew Forrest, Chairman and Founder, Fortescue Metals Group speaks at the Global Energy Transition 2022 conference in New York

NEW YORK (Reuters) - Andrew Forrest, the chairman and founder of Australian miner Fortescue Metals, said on Tuesday he does not believe his company should shy away from investing in countries with troubled human rights records.

Forrest, who returned to helm the company last month, cited the example of the Democratic Republic of Congo, where some cobalt mines employ slave labor. Cobalt is an important component in lithium-ion batteries used in electric vehicles, smart phones and laptops.

"Should we not invest in that industry because there is modern slavery?," he asked, during a presentation to the Reuters Events Global Energy Transition conference in New York.

"Or should we invest in it hard and insist that every industry, and consumers of that cobalt, agree there is a standard and should not buy cobalt from any other organization that doesn't hold the same standard?

"I am a person who would rather engage and bring up standards than walk away," said Forrest.

Fortescue is the world's fourth-largest iron ore producer and is also investing in the production of so-called "green hydrogen", a low emissions fuel that it hopes will help it decarbonize its mining operations.

Forrest said he believed a top threat to the world's climate is "unabated greenwashing" by mining and energy companies, because it gives the public and investors a false sense of progress in efforts to cut greenhouse gas emissions.

"One of the biggest threats, if not the biggest threat, to our climate is to continue to allow unabated greenwashing," he told the conference.

Forrest said he had asked the U.S. Securities and Exchange Commision to investigate dubious corporate claims about social and environmental governance.

(Reporting by Richard Valdmanis; editing by Richard Pullin)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED -0.73% 18.94 Delayed Quote.-0.68%
GOLD 0.24% 1792.74 Delayed Quote.-2.05%
S&P GSCI GOLD INDEX 0.24% 1054.61 Real-time Quote.-0.81%
SILVER 1.02% 20.485 Delayed Quote.-11.61%
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Financials (USD)
Sales 2022 17 389 M - -
Net income 2022 6 268 M - -
Net Debt 2022 1 130 M - -
P/E ratio 2022 6,65x
Yield 2022 11,2%
Capitalization 41 469 M 41 469 M -
EV / Sales 2022 2,45x
EV / Sales 2023 2,67x
Nbr of Employees -
Free-Float 50,9%
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Number of Analysts 19
Last Close Price 13,48 $
Average target price 11,66 $
Spread / Average Target -13,5%
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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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