POWER!!!! Fortescue Future Industries, page-5801

"As I've previously mentioned, our investment mythologies are vastly different."

Au contraire, I think they are no longer that different.

My view all along has been based along the uncertainty of the investment returns that can be generated from investing in the various green energy initiatives FMG has been trumpeting in recent years. I was especially circumspect about green hydrogen which accords with your now view of "green hydrogen is yet to prove itself to be logistically or commercially viable".

Pity, then, that the capital of FMG shareholders was allocated to pursuit of green hydrogen ventures to begin with, given the technical and economic impediments were widely known.

Where we do still have differing opinions, though, is in the allocation of shareholder capital at the expense of dividends, to ventures that are not certain to generate an acceptable investment return for shareholders.

For example, when you say, "And yes, I'm more than happy to have dividends reduced to fund decarbonising of our IO production by 2030", surely if getting to net zero was that important to you, you would want the company to maximise spending on green energy initiatives, i.e., to retain 100% of earnings (i.e., not pay a dividend at all) until the point that net zero is reached?

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