Keep pulling the thread on Andrew Forrest.
Fortescue, an Australian mining company founded by Andrew Forrest in 2003, aims to operate as a zero-fossil-fuel company by 2030 with no offsets.
Incumbent iron ore producers, including Vale, BHP, and Rio Tinto, threatened to cut off supply to steel mills that did business with Fortescue in its early days.
Fortescue secured its initial customer base in China by signing deals with smaller steel mills and some larger mills who disliked the market control of incumbents like BHP, Rio Tinto, and Vale.
Fortescue is experiencing a 10x to 30x increase in orders and interest for its electrification solutions.
Fortescue projects it will save $1 billion annually by eliminating 1 billion liters of diesel equivalent from its supply chain.
Andrew Forrest predicts that once Fortescue becomes fully green, its operating costs will be significantly lower than competitors until they also transition to green energy.
Approximately a dozen large mining companies in Australia receive a total of $2.5 billion per year in diesel fuel tax credits.
Andrew Forrest predicts that AI will reduce Fortescue's annual operating costs by hundreds of millions of dollars.
Fortescue operates a green energy grid spanning a 600-kilometer by 500-kilometer area, with gigawatts of generation and storage capacity.
Anaconda Nickel, a previous company started by Andrew Forrest, completed a $1.4 billion financing.
The technology developed by Anaconda Nickel was acquired by Glencore and is now used to produce pure nickel and cobalt for batteries.
Fluor Corporation, the contractor for the Anaconda Nickel plant, took shortcuts on a lump sum fixed price contract, which caused the plant's process to fail from the outset.