Why Forrest is so keen on rare earths.
Fortescue Metals Group chair Andrew Forresthas made his interest in rare earths clear, but why has this group of criticalminerals garnered so much of his attention?
In announcingFortescue’s “best-ever” half-yearresult, Forrest highlighted the “rare insight” the company has into the renewable energy transition.
Through Fortescue Future Industries (FFI),the iron ore miner understands the raw materials needed for green energytechnologies first-hand.
“We have … a very rare insight, I think, fora mining company, into what’s happening in the green energy revolution becausewe speak to everybody and we own businesses, like electrolyser facilities, verylarge battery facilities which are amongst the most advanced prototypes in theworld,” Forrest said during Fortescue’s December quarterly investor call.
“It’s showing us where we need to go, what weneed to focus on.”
FFI subsidiary WAE Technologies recentlycompleted and delivered the “largest battery of its kind” to be installed in aprototype zero-emission battery-electric haul truck which Fortescue has beendeveloping with Liebherr.
The battery has arrived at Fortescue’sworkshop in Perth and will be installed into the truck before being transportedto the company’s iron ore mines in the Pilbara for “world-leading testing” thisyear.
Given rare earths are a key element increating permanent magnets in renewable batteries such as FFI’s recentprototype, Forrest said he “is very interested in rare earths”.
“I think there are abundant sources of rareearths which have not yet been brought to the market,” he said.
Forrest’s rare earths interest is playing outthrough his private company Wyloo Metals, where the mining magnate made a $150million cornerstone investment into rare earths aspirant Hastings Technology Metals in 2022.
This saw Wyloo establish equity interest inHastings of 12.5 per cent or greater and enabled Hastings to acquire a 22.1 percent equity interest in TSX-listed Neo Performance Materials, a leading globalrare earths processing and advanced permanent magnets producer.
Hastings is developing its Yangibana rareearths project in Western Australia, where the company hopes to produce up to15,000 tonnes of mixed rare earths carbonate (MREC) per annum.
Fortescue achieved its highest-ever Decemberquarterly iron ore shipments of 49.4 million tonnes leading to a record 96.9million tonnes of iron ore shipped in the second half of 2022.
“Our company has never performed better,”Forrest said. “Not on mining, not on exploration, not (on) green hydrogen, noton green energy development ever. This is a record quarter. It’s a record halfand it’s getting stronger from here.”
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