Fortescue Metals (ASX:FMG) approves US$750M investment in global green energy projects

Business News

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The board of Fortescue Metals approved a final investment decision on two green energy projects and a green metal project.

The selected projects, chosen based on commercial criteria, technology, and location, will be fast-tracked in Asia-Pacific, Latin America, and Europe.

The approved projects include the Phoenix Hydrogen Hub in the USA, the Gladstone PEM50 Project in Queensland, Australia, and a Green Iron Trial Commercial Plant in Western Australia.

The projects represent an estimated total investment of approximately US$750 million ($1.14 billion) over the next three years.

The Phoenix Hydrogen Hub is expected to begin production in 2026, with the Gladstone PEM50 Project and Green Iron Trial Commercial Plant starting in 2025.