I don't think so.
FMG might use subsidies for the renewable power construction. Everybody building renewable power gets subsidies. But it then gets cheap power.
Again I think you are missing the point. Once it has access to the cheap hydrogen, then if it can make the reduction work technically at scale, it will add two thirds more to its Fe output through the same infrastructure plus get a product premium. It will probably double its revenue through the same rail, port and shipping infrastructure. From what I can tell that is Twiggys vision.
Iron ore price, page-38048
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