Gas Gap Divides Australian Iron Ore Billionaires Forrest And Rinehart [Forbes]
FORTESCUE METAL GRP S/ADR (FSUGY)
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Source: Forbes
Forrest, the man behind Fortescue Metals Group, has been investing heavily in hydrogen as a possible fuel of the future only to last week suffer a setback. Andrew Forrest, Chairman of Fortescue Metals Group, at the Boao Forum for Asia Annual Conference ... [+] 2023 (Photo by VCG/VCG via Getty Images) Rinehart, who owns Hancock Prospecting, has been developing exposure to methane, a fossil fuel more commonly called natural gas. There are other differences between the two billionaires who live in the west coast city of Perth and whose families have strong historic connections, but the gas gap has become a sensitive point for Forrest who is critical of all fossil fuels. The problem for Forrest is that his focus on “green” hydrogen produced using renewable energy to power an electrolysis process which splits water into hydrogen and oxygen has not yet proved to be commercially viable. Forrest is reported to have invested more than $1 billion in his attempts to produce commercial
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News
- With uncertainty around iron ore demand, Citi sees a risk for Australian economy [Yahoo! Finance]Yahoo! Finance
- Fortescue Metals Group reports 3% increase in FY24 profit [Yahoo! Finance]Yahoo! Finance
- Fortescue CEO: We see ‘improving' demand for greener products as China transforms its energy profile [CNBC]CNBC
- Fortescue's first hydrogen-powered T 264 truck arrives in the Pilbara [Yahoo! Finance]Yahoo! Finance
- Fortescue, Liebherr to develop zero-emissions autonomous trucks [Yahoo! Finance]Yahoo! Finance