Andrew Forrest’s Fortescue metals group has confirmed it will continue to invest ten per cent of net profits after tax into developing its green hydrogen offshoot, Fortescue Future Industries.
Announcing the group’s results for the half year to December, the company said FFI’s FY22 anticipated expenditure was in the range of US$400 – US$600 million.
This was ‘inclusive of US$100 – US$200 million of capital expenditure and US$300 – US$400 million of operating expenditure’.
Fortescue reported revenue of US$8.1 billion in H1 FY22, and an underlying EBITDA of US$4.8 billion, 28 per cent lower than the previous corresponding period.
During the half Fortescue Future Industries:
Picture: Fortescue Future Industrial/ test locomotive powered by green ammonia
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