Business
Fortescue to pump billions into clean energy venture – The Australian Financial Review
The iron ore miner surprised investors by declaring that 10 per cent of profits will be dedicated to its ‘future industries’ subsidiary.
But Fortescue chief executive Elizabeth Gaines said Fortescue was investing closer to $US100 million into FFI this financial year, and the allocation would only be spent if projects were worthy.
The intention to allocate up to 10 per cent of net profit after tax is a capital allocation framework … this provides a broad framework but importantly facilitates the progression of these very exciting and important diversification opportunities for Fortescue, she said.
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