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Highlights
- Fortescue (ASX:FMG) shares were trading 0.363% higher at AU$16.580 on the ASX today (as of 10:55 am AEDT, 21 October 2022)
- FMG’s share price has dropped over 16.22% on a year-to-date (YTD) basis, as of 21 October 2022.
Shares of Australian materials giant Fortescue Metals Group Ltd (ASX:FMG) were spotted trading in the green zone on Friday morning. The FMG share price has increased by 0.363% to AU$16.580 apiece at the time of writing (10:55 am AEDT).
Over the last year, FMG’s share price has marked a gain of about 15.41% on the ASX. In contrast, the company’s share price dropped more than 16.22% on the ASX on a year-to-date (YTD) basis (as of 10:55 AEDT on 21 October 2022) and has increased by 0.54% over the past month.
Recent developments at Fortescue
On 5 October 2022, Fortescue disclosed that Tree Energy Solutions had inked a global strategic partnership deal with the company's green energy division called Fortescue Future Industries (FFI). This partnership's primary objective is to hasten the development of a green energy and green hydrogen import plant in Germany.
Talking about Fortescue’s green energy solutions, the company recently announced that it has been given land for a green hydrogen and green ammonia project in Western Australia's Oakajee Strategic Industrial Area.
The location of the site is 23 km north of Geraldton and 435 km (270 mi) north of Perth.
On 20 September 2022, Fortescue amended its industry-leading heavy industry decarbonisation strategy with the goal of phasing out fossil fuel usage in order to achieve true zero terrestrial emissions across all of its iron ore operations by 2030, along with cutting operating costs by US$818 million annually. Fortescue will implement this strategy using a US$6.2 billion capital investment.
