Iron ore price, page-43085

Hey Jb,

Here's what we know. FMG are looking at displacing 100 million litres of diesel per year within their own current mining operations or approximately 700 million litres of diesel by 2030.

To do so if FMG can completely replace an internal combustion engine of a haul truck, together with full cells, car electronics and battery systems, at a cost substantially lower than a completely new truck haul fleet, then costs would be substantially reduced. Jb, they don't need to do everything all at once, simply in stages. Their first prototype is what needs to be perfected. As i've mentioned, it's all about getting a mining haul truck to operate with the same or better efficiency as a diesel fuelled haul truck as that's when they'll be able to drop those billions of litres out of their iron ore operations.

Now here's the exciting part, once they have that proof of concept down 100%, they would have an opportunity to share that technology with heavy industry. That industry alone has a market share in the multi billions. As for how long it will take to go from protype to commercialisation and open up a new business opportunity of that scale, i have no idea (do you?), but nevertheless, it would be an extraordinary business opportunity on many fronts.

https://www.fmgl.com.au/docs/default-source/announcements/investor-and-analyst-call-transcript-(fy21-full-year-results).pdf?sfvrsn=508bf5cf_2

Tony