To bend history Fortescue plans to spend $US6.2 billion ($9.6 billion). It needs two to three gigawatts of wind and solar power, so potentially more than Australia’s largest power station Eraring. Batteries, transmission lines, and electric-powered trucks add to the bill.An “Infinity Train” will charge its batteries on the downhill run to port and have enough power left to haul the empty ore cars back to the mines.By 2030, the miner expects to save $US3 billion ($4.7 billion) a year by not buying gas and diesel.Shaw and Partners analyst Peter O’Connor’s verdict was that Fortescue’s decarbonisation was a noble ambition, but he wanted “more details than Kool-Aid”.When asked how the renewable energy required was now half that envisaged for an earlier plan based at nearby cattle stations he owned, Forrest’s reply was succinct, if not detailed.“It’s batteries, baby,” he said.
AVL Price at posting:
3.5¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)