https://thewest.com.au/business/mining/chief-nev-power-says-fortescue-will-spread-wings-ng-b88660937z?utm_source=emarsys&utm_medium=email&utm_campaign=WestBusiness 17/11/17
Chief Nev Power says Fortescue will spread its wings
Stuart McKinnonFriday, 17 November 2017 8:08AM
Nev Power says the company is set to find a number of opportunities outside of iron ore.Picture: The West Australian
Outgoing Fortescue Metals Group chief executive Nev Power says the miner’s future activities will be driven by the imperative of creating value, rather than growth or diversification.
Speaking at a WA Chamber of Commerce and Industry lunch yesterday, Mr Power said he would be amazed if the company was not able to find a number of opportunities outside of iron ore in which it could create “enormous value”.
“I don’t think anything we’ve done is specific to iron ore per se, but rather it’s about the approach and the way we’ve gone about developing those projects and engaging our people,” he said.
Questioned about Fortescue’s diversification plans, Mr Power described lithium as the “metal du jour”.
“We have tenements in the Pilbara that are highly prospective and we are exploring those tenements to see what we might have there,” he said.
“So if we discover lithium deposits that we’re able to create value out of, we will go after those but at the same time we’re not saying that’s the only diversification path or growth path that we’d like to go on.”
Win $10,000 towards your #GoodLife holiday.Nestle Australia Sponsored
Mr Power said Fortescue would maintain and develop its core iron ore business with a pipeline of projects and 20 years of inventory ahead of mine production.
He said the company would apply the skills and knowledge it had learnt in iron ore and infrastructure to create value in other commodities, possibly in other States and countries.
Mr Power, who will leave Fortescue in February after seven years at the helm, is widely credited with transforming the miner from a high-cost, heavily indebted junior to a genuine third force on the Pilbara iron ore stage behind Rio Tinto and BHP. His successor is yet to be announced.
Fortescue shares closed up 1¢ at $4.64 yesterday.
