Cheers Wes!This was a very good presentation with many gems to...

Cheers Wes!

This was a very good presentation with many gems to take note of. This was a March 2023 presentation and we have certainly come a long way since, internally and externally. Points that stood out for me.

Product development...

Formula E - Fortescue Zero - the power distrubution system was there. They found that if they were able to scale it up, it would be competitive with diesel and met their objectives for a mining environment. All they needed to do was put a whole heap of batteries together and place them into one of the trucks. The problem was how were they going to put these stacked up batteries in ALL their 350 trucks? That's where Liebherr came in. They told Fortescue that they were ok to open their entire business model and allow Fortescue to supply them with the "heart" and almost the existential supply of parts model for the truck and work with them. And that's exactly what Fortescue are doing. They're converting their entire fleet over to this model.

Dino highlighted that there's one more important side to their decarbonisation journey than just the "supply" side and that is the "generation" side. Most of their electrons and power is derived from diesel, gas and some off the grid and in the future that needs to be renewable to meet a 2030 deadline. 1+GW of wind, 1+GW of solar. A GW of wind is a LOT of wind towers. Each tower has three blades and he was saying think of the logistical challenge they have in front of them. A French delegation company came and visited them that saw what they were planning to achieve and said to Fortescue that they have these things called air whales (a revolution in air cargo transport) that can carry blades 2000kms, so instead of having to rely on ports, rail etc this could be a solution and someone that's been doing this already for an industry that's mature came and suggested this to them. Unbelievable right? That's how far we've come. Check this out: https://www.flying-whales.com/en/company/ and https://www.flying-whales.com/en/flying-whales-helps-speed-up-wind-farm-projects/

Tony