MELBOURNE, May 4 (Reuters) – Fortescue Metals Group (FMG.AX) hopes to make a ultimate funding choice in 2023 on a green hydrogen project in Australia that will be its first to generate income, Chief Executive Elizabeth Gaines mentioned on Wednesday.
The Gibson Island project within the northeastern state of Queensland is one among many tentative offers and research unveiled by the world’s fourth-largest producer of iron ore during the last 18 months because it strives to change into a serious green power provider.
“From a revenue perspective the most advanced would be the Gibson Island project … Hopefully a final investment decision (FID) in 2023,” Gaines advised the Macquarie Australia Conference in Sydney, when requested which of its hydrogen initiatives can be the first to provide income.
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First-phase feasibility research had been accomplished in December on utilizing electrolysis powered by renewable power to provide 50,000 tonnes a yr of hydrogen to feed a reopening of the Gibson Island ammonia plant owned by Australia’s high fertiliser producer Incitec Pivot (IPL.AX).
Incitec Pivot final yr introduced it might shut the plant on the finish of 2022 as a result of the native provide of pure fuel to make its ammonia had change into too expensive. It is now contemplating utilizing green hydrogen to make ammonia.
Fortescue mentioned in December that Fortescue Future Industries and Incitec had been set to enter talks on operating a preliminary engineering design research forward of creating a ultimate funding choice.
Incitec declined to touch upon Wednesday on the standing of the project as it’s in a black-out interval forward of its half-year outcomes on May 23.
(This story refiles to right Gibson Island closure date to 2022 in paragraph 5)
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Reporting by Sonali Paul; Editing by Tom Hogue
Our Standards: The Thomson Reuters Trust Principles.
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