Fortescue rolls out battery trains in Western Australia

Kristie Batten in Port Hedland | February 12, 2026 | 

Fortescue Metals and Operations CEO Dino Otranto. (Image by Kristie Batten.)

Australian iron ore producer Fortescue (ASX: FMG) has commissioned two battery electric locomotives in Western Australia’s Pilbara, marking a key step in its plan to achieve real zero emissions across its iron ore operations by 2030.

The locomotives, delivered by US-based Progress Rail, a subsidiary of Caterpillar (NYSE: CAT), are the first of their kind globally and form part of a $6.2 billion push by the Andrew Forrest-chaired company to fully decarbonize its Pilbara operations, which it says are the most comprehensive in the global mining sector.

Speaking in Port Hedland on Thursday, Fortescue Metals and Operations CEO Dino Otranto said rail remains one of the hardest sectors to decarbonize.

“We push 40,000 tonnes up 400 metres, 300 or 400 kilometres away, multiple times a day,” he said. “The forces and energy that’s behind that have been worked on for more than 200 years in the combustion two-stroke engine that has historically powered all of our fleet, but today, this is a turning point.”

Each locomotive houses a 14.5 megawatt-hour battery, the largest fitted to a land-mobile application, and can recover 40% to 60% of energy through regenerative braking. Together, they will eliminate about one million litres of diesel a year and operate on renewable electricity supplied through Fortescue’s Pilbara Energy Connect program.

Fortescue operates a fleet of 70 locomotives and will now test the first two units before transitioning the remainder over the next few years.

Full electrons ahead

The rail rollout sits within a broader electrification push across Fortescue’s 760-kilometre Pilbara network, which links five mines to its port and towage infrastructure in Port Hedland. The company expects to produce 195 million to 205 million tonnes of iron ore in the 12 months to June 30, 2026.

Otranto said 2026 would be a year of delivery for several major renewable energy projects. At North Star Junction, which supplies the Iron Bridge magnetite mine, Fortescue operates a 100 megawatt solar farm supported by a 250 megawatt-hour battery energy storage system capable of delivering up to 50 megawatts for five hours.

Construction of the 190 megawatt Cloudbreak solar farm is about two-thirds complete. The company has secured primary approvals for the proposed 644 megawatt Turner River solar farm, with construction expected to start later this year, and expects a decision on the 440 megawatt Solomon solar project within days.

Fortescue is installing about 3,600 solar panels a day and is deploying automation technology to increase that rate, Otranto said.

The company has begun building its first Pilbara wind project at Nullagine and recently acquired Nabrawind to support future wind developments. Across its operations, Fortescue now runs one electric drill and 12 electric excavators and has started taking deliveries of electric wheel dozers and trucks.

While the shift requires significant capital, Otranto said every investment must meet strict financial hurdles.

“We are not doing this out of charity. We need these machines to be economic. We want them to compete on the open market against the old technology,” he said, adding that the Pilbara’s climate offers strong renewable energy potential.

Beyond decarbonizing its mining operations, Fortescue aims to produce its first green iron by the end of June. The company is building a plant at Christmas Creek and expects first metal this financial year.

“For us, that’s the next chapter of growth in the Pilbara,” Otranto said.

BHP’s potash blowout overshadows Australia iron ore record

Bloomberg News | January 19, 2026 |

Construction at the Jansen potash project. (Image courtesy of BHP.)

BHP Group, the world’s largest miner, has again blown past cost estimates for its key Jansen potash project in Canada, raising projected investment in the first phase to $8.4 billion — $1 billion above the upper range of an already revised budget announced last year.

Cost and schedule overruns on large projects are not unusual in the sector, but potash — a key plank of BHP’s strategy as all miners scramble for growth — was approved in August 2021 at $5.7 billion. First production is now expected in the middle of 2027, though a second stage of development is still under review.

Production numbers released on Tuesday for the miner’s current core mines were broadly in line with analyst estimates, including record first-half output at its Australian iron ore operations. It produced 69.7 million tons of iron ore overall in its second quarter, up 5% on the same period a year ago, and reaffirmed its annual production guidance.

Realized prices for iron ore edged higher to $84.71 per ton. BHP has been locked in a dispute with China, the top consumer of its steelmaking ingredient, for months. State-owned trader China Mineral Resources Group Co. has sought to curb steel mills’ purchases from BHP, as part of a broader effort to increase the country’s negotiating clout and constrain miners’ pricing power.

The Melbourne-based miner said in its statement that it had responded by being more flexible with shipments, but added it had “seen some impact” to its selling price for iron ore. Other major foreign producers, including Brazil’s Vale SA, Rio Tinto Group, and Fortescue Ltd. will also need to negotiate with CMRG.

“China’s commodity demand remains resilient, supported by targeted policy measures and solid exports,” BHP chief executive officer Mike Henry said, adding momentum moderated in the second half of 2025, “notably in construction, manufacturing and infrastructure investments.”

Iron ore futures have managed to hold their ground in the last calendar year, gaining about 4% in 2025, but new supply could pressure prices lower over the coming quarters.

Production of copper dipped 4% in the three months to the end of December, to 490,500 tons. Realized prices jumped, however, as benchmark levels continue to track higher, breaking through $13,000 a ton.

BHP’s appetite to add to that number prompted it to make takeover approaches for rival Anglo American Plc., all rebuffed. The target has since agreed to tie up with fellow copper heavyweight Teck Resources Ltd. Rival Rio Tinto Group, meanwhile, is in talks with Glencore Plc over a potential takeover, again motivated by the desire to become a stronger force in the red metal.

BHP has bought two undeveloped projects in partnership with Canada’s Lundin Mining Corp. which they have dubbed Vicuña bordering Chile and Argentina. A technical report into Vicuña is expected in the coming months.

BHP’s Australia shares were little changed in early Tuesday trading at A$48.785.

(By Paul-Alain Hunt)

China’s steel exports, iron ore imports hit record highs

Reuters | January 14, 2026 |

Stock image.

China’s steel exports hit a record monthly high in December, fueled by front-loading driven by Beijing’s announcement of an export licence requirement for shipments from 2026.

The world’s largest steel producer shipped 11.3 million metric tons of the metal used in construction and manufacturing last month, the highest for a single month, data from the country’s General Administration of Customs showed on Wednesday.

Beijing has plans to roll out a licence system from 2026 to regulate steel exports, as robust shipments have sparked a growing protectionist backlash worldwide.

Some exporters rushed to ramp up shipments before January on fears that the export licence requirement might impact shipments, analysts said.

Despite surprisingly high exports, China’s prolonged property market woes have remained a drag on steel consumption.

China’s steel demand is projected to slide by 1% this year after an annual fall of 5.4% in 2025, according to a forecast from a state-backed research agency.

Steel exports for the whole year rose by 7.5% from the year before to an all-time high of 119.02 million tons despite an increasing number of countries throwing up trade barriers on Chinese steel arguing that domestic manufacturing has been hurt.

Iron ore imports at record

Iron ore imports in the world’s largest consumer hit a record high last year as low in-plant inventories and improved steel margins encouraged mills to book more cargoes.

Chinese steelmakers have kept low inventories at plants since late 2022 as a demand slump caused by the crisis-hit property market strained their cash flow.

Moreover, robust steel exports underpinned resilient demand for the key steelmaking ingredient, analysts said.

Imports in December rose 8.2% from the month before to 119.65 million tons, the highest for a month, bringing the total in 2025 to a record high of 1.26 billion tons with a rise of 1.8% from 2024.

Global iron ore supply is forecast to grow by 2.5% in 2026, and shipments to China are expected to increase by between 36 million and 38 million tons, piling pressure on prices this year, said Bai Xin, an analyst at consultancy Horizon Insights.

(By Amy Lv and Lewis Jackson; Editing by Jacqueline Wong and Tomasz Janowski)

Congo pitches new $29 billion iron ore and logistics project

Bloomberg News | January 13, 2026 | 

Congo Mines Minister Louis Watum. Image: Louis Watum Kabamba | X

The Democratic Republic of Congo, one of the world’s biggest producers of copper and cobalt, wants to add a $29 billion iron ore project to its mineral portfolio.

The country’s government has created a project called Mines de Fer de la Grande Orientale, or MIFOR, to develop a particularly rich seam of ore in the remote north of the country, Mines Minister Louis Watum told the council of ministers Friday, according to minutes published on the website of the office of the prime minister. The deposit has an estimated 20 billion tons of resources at an average grade of 60%, he said.

The first phase of the project would require the construction of heavy rail and transport on the Congo River to the deep-water port of Banana on the Atlantic Ocean and cost $28.9 billion, Watum said. Initial production capacity would be approximately 50 million tons per year, expandable to 300 million tons, Watum told the council.

“After more than 100 years of mining primarily focused on copper and cobalt, the MIFOR project marks a major strategic shift in the Democratic Republic of Congo’s extractive model,” Watum said, according to the minutes.

The project has already attracted institutional investors, he told the council, which agreed to create an inter-ministerial commission dedicated to the project.

(By Michael J. Kavanagh)

Radiant unloads BHP iron ore in China as trader tests curbs

Bloomberg News | January 12, 2026 | 

Credit: Berge Bulk

A bulk carrier laden with BHP Group’s Jimblebar iron ore has discharged in China after weeks idling offshore, in a rare case of a trader pressing ahead with restricted cargoes despite an ongoing pricing dispute.

The Berge Mawson unloaded its cargo, owned by trading firm Radiant World, at the northern port of Caofeidian in the first week of January and has now left the country, Bloomberg ship tracking data show. The vessel saw lengthy delays after port storage constraints led to a backlog of ships waiting to offload cargoes.

The Jimblebar Fines blend is one of the BHP products subject to curbs imposed by China’s state-run iron ore trader. The nation is the world’s largest buyer of the steelmaking staple and BHP one of its biggest suppliers. As such, the fate of the cargo has become a focal point for traders wanting to gauge whether restricted material can ultimately be sold in the country, according to people familiar with the matter.

Radiant World is a private trading company that has grown rapidly in recent years to become one of the largest players in the market. The Berge Mawson had been anchored off the coast since early December before finally docking on Dec. 31.

It isn’t clear whether Radiant has found a buyer, or whether the ore is stacked up at the port and yet to clear customs. Prolonged delays to shipments threaten to tie up vessels and raise demurrage and storage costs.

BHP is locked in a dispute with China Mineral Resources Group Co., the state-run firm set up in 2022 to consolidate iron ore purchases and wrest pricing power away from foreign miners. Although CMRG told steelmakers in September to stop purchasing Jimblebar, there may be mills that aren’t linked to the state-owned firm willing to take the product. Others might seek special approval from CMRG.

Radiant World and BHP both declined to comment. CMRG didn’t respond to a request for comment. Another vessel loaded with BHP ore that’s being closely watched by traders, the Ever Shine, has been idling off the port of Qingdao since early December

CMRG is also in talks with BHP’s Australian peers, Rio Tinto Group and Fortescue Ltd., for long-term supply deals in 2026. Meanwhile, Chinese customs has been stepping up checks to screen for cargoes of BHP ore, said two of the people, who declined to be named discussing a sensitive matter.

China’s customs administration didn’t immediately respond to a fax seeking comment.

 

Glencore purchase is latest in flurry of Peru copper dealmaking

Bloomberg News | December 16, 2025 | 

The Antapaccay copper mine (pictured) is also controlled by Glencore and is located near the city of Espinar. (Image courtesy of Glencore).

Glencore Plc bought a Peruvian mining project in the country’s third copper deal in less than two weeks as companies jostle to boost their exposure to a metal projected to be in short supply.

The Swiss commodities giant is acquiring the Quechua project in the Cusco region from Japan’s Pan Pacific Copper Co. for an undisclosed sum, it said Tuesday in a statement. Peru’s government estimates the investment required to build the mine at $1.3 billion.

That follows two other Peruvian copper deals this month. Canada’s Rio2 Ltd. is acquiring the Condestable mine from Southern Peaks Mining in a transaction valued at $241 million. Fortescue Ltd. agreed to buy the 64% it didn’t already own in Alta Copper Corp., marking the Australian firm’s first major foray beyond iron ore.

The Peruvian deal flurry is taking place at a time of near-record prices of a metal seen as critical for electrification and the energy transition. A more than 30% jump in copper prices this year is underpinned by production disruptions and the difficulties in building new mines and expanding existing operations.

Glencore is stepping up its presence in Peru as part of a plan to almost double its copper output globally. The company is betting it can navigate sporadic protests over expansion plans amid broader tensions between communities and mining in a part of Peru that’s also seen a jump in informal digging.

Companies are also showing their willingness to steer through onerous red-tape in Peru, where it can take decades to turn an exploration project into a functioning mine.

Quechua, which was left undeveloped by Pan Pacific Copper, adds another piece to a district that includes Glencore’s Antapaccay mine and the future Coroccohuayco project.

“The asset should carry greater value for Glencore, which can leverage existing infrastructure much as it plans to do with Coroccohuayco,” Bloomberg Intelligence analysts Alon Olsha and Grant Sporre wrote in a note.

Antapaccay began producing in 2012, churning out about 146,000 metric tons last year. Glencore also has a 34% stake in Peru’s giant Antamina mine, where it is partnering with BHP Group, Teck Resources Ltd. and Mitsubishi Corp.

(By James Attwood and Marcelo Rochabrun)

FE

Fortescue ends bitter green iron battle with Element Zero

Cecilia Jamasmie | November 26, 2025 | 

Fortescue’s founder and largest shareholder, Andrew Forrest. (Image: Fortescue Metals Group.)

Australia’s Fortescue (ASX: FMG) has agreed to settle its high-stakes lawsuit accusing former executives of stealing company data to build their green iron start-up Element Zero.

The iron ore miner had claimed that former chief scientist Bart Kolodziejczyk and former technology development lead Bjorn Winther-Jensen used green iron technology they helped develop while at Fortescue to form Element Zero.

Company lawyers argued the work was tied to Fortescue’s broader push for hydrogen-based solutions in its pursuit of what it called the green ore holy grail. Element Zero chief executive Michael Masterman, also a former Fortescue employee, was named in the case.

The spat intensified as Fortescue used private investigators who produced surveillance reports that included photographs of children and private homes, details taken from rifled mail and tracking of family members. The company also won court approval for raids on the homes and offices of Element Zero principals, leading to the seizure of about 9 million documents.

Hole in the pocket

Fortescue hit a major setback last month when Federal Court Justice Brigitte Markovic rejected its push to access all of Element Zero’s work, something the miner’s own counsel had argued in September was needed to run the case.

“We are delighted to put this episode behind us,” Masterman said in a statement. “We can now focus all of our deep and capable technical resources on rapidly advancing our iron-ore-to-iron technology and developing our manufacturing sites in the Pilbara heartland of Port Hedland and in the US.”

Element Zero said each side would cover its own expenses.

The start-up’s $10 million in funding has been heavily depleted by its legal defence, leaving it in need of far more capital to prove commercial viability and build its planned manufacturing sites. The outcome raises the question of whether Fortescue would have been better off taking a stake in the venture instead of dragging its former executives through court.

 

Brazil’s Prumo sells stake in joint venture with Anglo American

Reuters | November 14, 2025 | 

Porto do Açu is a major Brazilian seaport and industrial hub. Image: Porto do Açu

Brazilian logistics firm Prumo said on Friday it agreed to sell its 50% stake in Ferroport, a joint venture with miner Anglo American that operates an iron ore terminal at Rio de Janeiro’s Acu Port.

The Ferroport stake is being sold to investment firm 3Point2, which had financial support from lender BTG Pactual, Prumo said in a statement.

Financial details were not disclosed.

Closing of the deal still depends on some conditions, Prumo added.

“The transaction is in line with Prumo’s strategy of simplifying its corporate structure and optimizing its capital structure,” it said.

(By Rodrigo Viga Gaier; Editing by Natalia Siniawski)

TIPC Diversified Investment Businesses

Taiwan International Ports Corporation 

Kaohsiung Port Warehouse No.2 (KW2)

Published Nov 15, 2025 4:20 PM by The Maritime Executive

[By: Taiwan International Ports Corporation]

Established in 2012 by the Ministry of Transportation and Communications ROC, Taiwan International Ports Corporation (TIPC) is in charge of seven international ports in Keelung, Taipei, Suao, Taichung, Kaohsiung, Anping, Hualien, and operates two domestic commercial ports in Budai and Penghu.

TIPC’s main business includes specializing in international commercial port management, container and bulk cargo loading and unloading, freight warehousing, international cruise terminals and other core port businesses. In line with international port management trends, TIPC seeks to diversify business scope through asset development, reinvestment, and international expansion.

TIPC has actively developed investment businesses since 2014 and now holds more than 20% of the equity in a total of 7 investment affiliates and subsidiaries, focusing on the main port industry such as harbor towage service, warehousing & logistics, land development around the port area to create higher economic value.

In addition, in accordance with offshore wind power policies, TIPC has developed offshore wind power related business such as “O&M”, “logistics & warehousing” “wind power talent cultivation”, and “heavy cargo transportation”.

Meanwhile, in response to government’s New Southbound Policy and TIPC’s investment strategy, TIPC has worked with affiliates to explore countries in Southeast Asia with economic development potential and cargo sources, and deployed port-related and extended industries in ports, logistics and terminals in order to promote the diversified development.

Outreach core competencies of port business and capacity

Working Vessels & Operations and Maintenance
Founded in 2014, TIPC Marine Corporation (TIPM) is TIPC 100% subsidiary. The main business projects are shipping related services in commercial port areas such as vessel entry and exit and berthing operations, and high-quality ship repair services.

TIPM has provided vessels and onshore facility services for major offshore wind developers and EPCI (Engineering, Procurement, Construction, and Installation) companies, earning recognition for its high service quality since 2017.

The fleets of TIPM include CTVs, tugs, and barges. TIPM has participated in the construction of most offshore wind farms in Taiwan, providing personnel transportation, heavy cargo transport, guard vessel services and onshore facility leasing.

Notably, TIPM has built long-term partnership and project collaboration with offshore wind developer. Additionally, TIPM manages Taiwan's largest offshore wind O&M base at Taichung Port to form the industrial cluster.

Heavy Cargo Transportation
Taiwan International Ports Heavy-Machinery Corporation (TIPH), established in 2020 as a joint venture between TIPC and Giant Heavy Machinery Service Corporation, specializes in heavy cargo transportation and offshore wind project management.

TIPH offers customized logistics planning, construction method design, and equipment support, including cargo-specific assessments, lifting and transport equipment configuration, and route planning — all delivered through an integrated approach to ensure high safety and execution quality.

TIPH has actively participated in numerous Taiwan’s offshore wind farm projects to transport key components such as pin piles, jackets, blades, towers, and nacelles.

TIPH will take a more proactive role in clean energy industry projects in the future.

With abundant experience and strong execution capability, TIPH is dedicated to becoming the hub for heavy cargo transportation and port engineering in the Asia-Pacific region.

Logistics Services
Taiwan International Ports Logistics Corporation (TIPL), as a joint venture between TIPC and 3 private enterprises, was established in 2014.

TIPL operates warehousing and logistics businesses in Kaohsiung, Taichung and Taipei Ports, with leased warehouses located in the Free Trade Zone. TIPL takes advantage of the Free Trade Zone to mainly provide various high value-added logistics services.

TIPL operates “Maritime Cargo Express Service” in Taipei Ports for the demand of goods in real time and small quantities. The service provides fast and efficient logistics solution for cross-border logistics in the Asia region.

In recent years, to meet the demand of offshore wind energy industry, TIPL has been actively seeking offshore wind energy business opportunities since 2021, and provide indoor/ outdoor storage area at Taichung Port for offshore wind farm O&M parts storage.

The end customers include offshore wind energy developers and equipment suppliers. In the future, TIPL will also seek to become an O&M Base of offshore wind energy operator.

Waterfront Development
Kaohsiung Port Land Development Corporation (KPLD) was established in 2017.

The main business services are to promote the development of the old port areas of Kaohsiung Port and the surrounding areas, and combine the resources and platforms of TIPC and Kaohsiung City Government to achieve the goals and benefits of regional development.

Nowadays, KW2 and Kaohsiung Port Depot have been iconic landmarks in Kaohsiung city. With the collaboration of port and city, KPLD demonstrates successfully resilience of ports from cargo transportation to waterfront recreation.

Bridging Asia Pacific Region

New South Bound
TIPC actively promotes internationalization and expands overseas investment business in line with the government's New Southbound Policy. PT. Formosa Sejati Logistics (FSL) and Taiwan Foundation International Pte. Ltd (TFI) were established in 2018.

FSL mainly operates container distribution and logistics warehousing in Surabaya, Indonesia, and also provides container consolidation, container maintenance, inland and ocean freight, and third-party logistics operations (integrated logistics).

TIPC sets up TFI in Singapore by cooperating with domestic shipping, port and logistics business operators, in order to evaluate suitable targets in Southeast Asiancountries to carry out investment planning and management business in ports, international logistics and other industries.

Talent Cultivation
Founded in 2018, Taiwan International Windpower Training Co., Ltd. (TIWTC) is a joint venture between TIPC and several state-owned and private enterprises affiliated with the offshore wind industry.

TIWTC is committed to cultivating offshore wind professionals who meet international standards. As one of the largest offshore wind training centers in the Asia-Pacific region, TIWTC operates advanced training facilities and delivers safety and technical training modules accredited by the Global Wind Organization (GWO).

TIWTC also offers Dynamic Positioning (DP) courses certified by the Nautical Institute (NI), providing a broad range of specialized maritime training programs.

Training more than 1,000 participants annually, TIWTC has successfully cultivated over 10,000 offshore wind professionals to date. It has held the highest number of GWO certifications in Asia for four consecutive years and was honored with the GWO “Training Team of the Year – Asia Pacific” award in 2024, in recognition of outstanding training performance on the international stage.

In 2025, TIWTC was nominated for the fifth time as the GWO “Training Team of the Year – Asia Pacific. In 2024, TIWTC established a subsidiary in Japan, further strengthening regional presence and reinforcing role as a key connector of global offshore wind talent.

Future Prospects
TIPC aims to become a world-leading port management group. Due to the changes and increasingly intense competition in the international port ecosystem, in order to overcome the challenge in its core business, TIPC draws on the experience of international benchmark port groups to enhance corporate value and competitiveness through diversification and conglomeration.

The products and services herein described in this press release are not endorsed by The Maritime Executive.

 

Oman to Build Clean Energy Bunker and Export Hub in Salalah

File image courtesy Salalah Port Services

Published Nov 12, 2025 2:15 PM by The Maritime Executive

 

HIF Global and Acciona Nordex Green Hydrogen have signed a deal with Oman's Ministry of Transport, Communications and Information Technology to explore the building of an e-methanol production and bunkering hub in the port of Salalah, in Oman's Dhofar Province. The project leverages vast wind and solar farms producing electricity which are being built in the hinterland behind Salalah, in projects involving EDF, Fortescue, J-Power, Marubeni and Samsung.

The port of Salalah has experienced major growth in recent years, both in container and general cargo traffic. Container traffic grew 21% in the 1H25 compared with the same period last year, with movement of 2.03M TEUs, largely a consequence of the rounding-out of Gemini services provided by Maersk and Hapag-Lloyd. General cargo over the equivalent periods grew by 11%, largely on the back of increased gypsum dry bulk cargo. After a recent expansion, Salalah can now handle 6M TEUs annually, and in recent years throughput has grown quickly to match capacity as new facilities are introduced.

The port of Salalah is particularly popular with visiting sailors in the summer, when the local area uniquely enjoys lush green vegetation and monsoon rains, at a time when temperatures in the rest of the region are in the high 40Cs.

HIF Global, based in Houston (TX), has expertise in building and delivering projects which combine captured CO2 and hydrogen - produced by the solar and wind energy - to produce e-methanol. E-methanol can in turn be refined to produce synthetic substitutes for petrol, diesel and aviation fuel.

Separately, two sovereign-owned companies, OQ Alternative Energy and Asyad Shipping, are working with A.P. Moller-Maersk and Sumitomo Middle East to provision e-ammonia and e-methanol bunkering and export facilities at Salalah, but also in the port of Duqm. A local firm, Horizon Energy Salalah, has already signed a lease agreement creating a biofuel storage hub in Salalah.

Fortescue’s Forrest doesn’t get the hype over critical minerals

Kristie Batten | October 31, 2025 |

L-R Fortescue CEO metals Dino Otranto, executive chairman Andrew Forrest and CEO growth and energy Gus Pichot. (Photo by Kristie Batten.)

Fortescue (ASX: FMG) founder and executive chairman Andrew Forrest said on Friday that the company was progressing critical minerals projects despite not understanding the “fuss” surrounding the strategic metals.

Speaking at Fortescue’s annual general meeting in Perth, Forrest said the company remained committed to its critical minerals projects but questioned the hype following a deal signed by US President Donald Trump and Australian Prime Minister Anthony Albanese on October 20.

“It was good. Knock yourselves out. I mean, I don’t see anything that rare about critical minerals,” Forrest told reporters following the meeting. 

“You’ve got declining strategic commodity prices everywhere. I don’t see the fuss, but anyway, other people do so it’s good for the business. We’ve got plenty of critical minerals, which we’re happy to get out of the ground.”

Despite downplaying the sector, Forrest admitted Fortescue was exploring for rare earths in Brazil, where CEO of growth and energy Gus Pichot had discovered “buckets” of material.

“There’s nothing rare about rare earths. [Pichot’s] got a small ocean of it,” he said. “I’d like to see it developed and cranking across to Louisiana and getting developed.”

His comments coincided with Fortescue’s wholly owned subsidiary Wyloo Metals and joint venture partner Hastings Technology Metals (ASX: HAS) signing a non-binding agreement with Ucore Rare Metals (TSXV: UCU). They will explore a long-term offtake agreement for concentrate from the Yangibana project in Western Australia and hydrometallurgical processing options in Louisiana.

Failure key

Forrest reaffirmed Fortescue’s commitment to achieving real zero emissions by 2030, defending the company’s investment in decarbonization.

“This $6.2 billion investment we took back in 2022 will pay dividends. I give you my assurance and sure, we’re the guys up front with the arrows in the back, to be dragged down and told we failed here, we failed there,” Forrest told the meeting. 

“Honestly, it just put steel into the spine of the 20,000 people who work at Fortescue getting constantly criticized. Decarbonization is not a straight line. It demands creativity, experimentation and relentless innovation. We’ve literally had to invent our way through.”

Fortescue has walked away from some of its green hydrogen projects amid weak economics, but Forrest said trying and failing was the “fast track to success.”

“We specialized into hydrogen, believing it would get really big – it hasn’t yet,” Forrest said. “What is enormous is replacing fossil fuel-generated energy with renewables, firmed by the breakthrough we’ve all seen in batteries. That is a crossover point in history, and that’s beginning to happen.”

Forrest conceded there had been job losses in its green energy division but said Fortescue was creating jobs elsewhere.

“I don’t know the net number, but we’re swinging harder and harder into R&D. That is where the value is,” he said. 

“We’ve got smartest people in the world working for us. Other people can do spectacular manufacturing. We did what we said we’d do. We’d see if we could compete on manufacturing. We couldn’t, but we can definitely compete on R&D.”

Trump, big oil criticized

Forrest also took aim at big oil companies and Trump, accusing them of dividing the world on climate change.

“You’ve got a President of the United States who declared that climate change is the greatest con job in history, straight in the face of massive investment by some of the smartest people I will ever meet,” he said.

“We’ve got these two stories unfolding, one of progress, one of retraction. One side is racing to deploy renewables at record speed. The other is changing to a view of a romanticized past that never even existed as their own economics fall away.”

His comments followed rival Hancock Prospecting’s annual results on Thursday, when CEO Garry Korte warned that Australia could not afford the cost of reaching net zero.

Forrest dismissed the claim. “All I can say is that we’re seeing economic growth. We’re seeing investment … so trying to pedal yourself back to a utopian history which never existed anyway is not a way to grow an economy,” he said.

Mr President, Take Our Critical Minerals: Albanese in the White House

by Binoy Kampmark / October 28th, 2025

The October 20 performance saw few transgressions and many feats of compliance. As a guest in the White House, Australian Prime Minister Anthony Albanese was in no mood to be combative, and US President Donald Trump was accommodating. There was, however, an odd nervous glance shot at the host at various points.

The latest turn of events from the perspective of those believing in Australian sovereignty, pitifully withered as it is, remains dark. In an attempt to seize a share of a market currently dominated by China, Albanese has willingly placed Australia’s rare earths and critical minerals at the disposal of US strategic interests. The framework document focusing on mining and processing of such minerals is drafted with the hollow language of counterfeit equality. The objective “is to assist both countries in achieving resilience and security of minerals and rare earths supply chains, including mining, separation and processing”. The necessity of securing such supply is explicitly noted for reasons of war or, as the document notes, “necessary to support manufacturing of defense and advanced technologies” for both countries.

The US and Australia will draw on the money bags of the private sector to supplement government initiatives (guarantees, loans, equity and so forth), an incentive that will cause much salivating joy in the mining industry. Within 6 months “measures to provide at least $1 billion in financing to projects located in each of the United States and Australia expected to generate end product for delivery to buyers in the United States and Australia.”

The inequality of the agreement does not bother such analysts as Bryce Wakefield, Chief Executive Officer of the Australian Institute of International Affairs. He mysteriously thinks that Albanese did not “succumb to the routine sycophancy we’ve come to expect from other leaders”, something of a “win”. With the skill of a cabalist, he identified the benefits in the critical minerals framework which he thinks will be “the backbone for joint investment in at least six Australian projects.” The agreement would “counter China’s dominance over rare earths and supply chains.”

Much of what was agreed between Trump and Albanese was barely covered by the sleepwalking press corps, despite the details of a White House factsheet. There were more extorting deals extracted from Canberra, with agreements to purchase US$1.2 billion in Anduril unmanned underwater vehicles and US$2.6 billion worth of Apache helicopters. Of particular significance was the agreement to push Australia’s superannuation funds to increase investments in the US to US$1.44 trillion by 2035, which would increase the pool by US$1 trillion. “This unprecedented investment will create tens of thousands of new, high paying jobs for Americans.”

Back in Australia, attention was focused on other things. The mock affair known as the opposition party tried to make something of the personal ribbing given by Trump to Australia’s ambassador to the United States, Kevin Rudd. Small minds are distracted by small matters, and instead of taking issue with the appalling cost of AUKUS with its chimerical submarines, or the voluntary relinquishment of various sectors of the Australian economy to US control, Sussan Ley of the Liberal Party was adamant that Rudd be sacked. This was occasioned by an encounter where Trump had turned to the Australian PM to ask if “an ambassador” had said anything “bad about me”. Trump’s follow up remarks: “Don’t tell me, I don’t want to know.” The finger was duly pointed at Rudd by Albanese. “You said bad?” inquired Trump. Rudd, never one to manage the brief response, spoke of being critical of the president in his pre-ambassadorial phase but that was all in the past. “I don’t like you either,” shot Trump in reply. “And I probably never will.”

This was enough to exercise Ley, who claimed to be “surprised that the president didn’t know who the Australian ambassador was”. This showed her thin sheet grasp of White House realities. Freedom Land’s previous presidents have struggled with names, geography and memory, the list starting with such luminaries as Ronald Reagan and George W. Bush. Not knowing the name of an ambassador from an imperial outpost is hardly a shock.

The Australian papers and broadcasters, however, drooled and saw seismic history in the presence of casual utterance. Sky News host Sharri Markson was reliably idiotic: “The big news of course is President Trump’s meeting with Albanese today and the major news story to come out of it is Trump putting Rudd firmly in his place.” Often sensible in her assessments, the political columnist Annabel Crabb showed she had lost her mind, imbibing the Trump jungle juice and relaying it to her unfortunate readers. “From his humble early days as a child reading Hansard in the regional Sunshine State pocket of Eumundi, Kevin Rudd has been preparing for this martyrdom.”

Having been politically martyred by the Labor Party at the hands of his own deputy Julia Gillard in June 2010, who challenged him for being a mentally unstable, micromanaging misfit driving down poll ratings, this was amateurish. But a wretchedly bad story should not be meddled with. At the very least, Crabb blandly offered a smidgen of humour, suggesting that Albanese, having gone into the meeting “with the perennially open chequebook for American submarines, plus an option over our continent’s considerable rare-earths reserves” was bound to come with some human sacrifice hovering “in the ether.”

In this grand abdication of responsibility by the press and bought think tankers, little in terms of detail was discussed about the next annexation of Australian control over its own affairs by the US. It was all babble about the views of Trump and whether, in the words of Australian Foreign Minister Penny Wong, Rudd “did an extremely good job, not only in getting the meeting, but doing the work on the critical minerals deal and AUKUS”. For the experts moored in antipodean isolation, Rudd had either been bad by being disliked for past remarks on the US chief magistrate, or good in being a representative of servile facilitation. To give him his due, Wakefield was correct to note how commentators in Australia “continue to personalise the alliance” equating it to “an episode of The Apprentice.”

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Binoy Kampmark was a Commonwealth Scholar at Selwyn College, Cambridge. He lectures at RMIT University, Melbourne. Email: bkampmark@gmail.com. Read other articles by Binoy.