Fortescue sees green iron boosting win-win ties

From Chinadaily  

China's economic development has made it a key player in the global economy, which will continue to shape global economic growth and technological innovation, including the development of green iron for green transition, in the years to come, said a top executive of Fortescue, a West Australian company specializing in iron ore.

The prospects for China's continued growth remain bright, driven by domestic consumption, technological innovation and participation in global initiatives such as the green energy transition, said Dino Otranto, Fortescue Metals CEO.

"Fortescue has been investing heavily in technology and building genuine and trusting friendships with our Chinese partners, underpinning the success and longevity of what has been a mutually beneficial partnership," he said.

"Working with China will help give Fortescue a competitive advantage to achieve our decarbonization targets and has the potential to deliver massive economic opportunities in both countries."

The strength of the bilateral relationship, built through its traditional iron ore business over the past two decades, will provide the critical foundations for the next chapter focused on both countries' green transformation, he said.

According to Otranto, Fortescue is committed to working with its Chinese partners to build a supply chain aimed at providing green iron metal to China by capitalizing on the abundance of solar and wind energies in Australia, the existing financial and technical capabilities of China's manufacturers of innovative green equipment, and Fortescue's green tech and iron ore supply.

The company is committed to providing 100 million metric tons of green iron metal to China each year, eliminating more than 200 million tons of carbon dioxide emissions. The equipment and technology will be sourced from China and Australia, he said.