Vale reaches $1.8 billion railway concessions deal
The company reached an agreement with local authorities to pay up to some 11 billion reais to renegotiate two railway concession contracts.
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and fertilizers to Morocco, Europe and international markets, as the iron ore miner looks to transform itself into a green energy superpower with a global footprint.
Fortescue’s equal partnership with the Moroccan fertilizer producer includes the potential development of manufacturing facilities and a research and development hub in Marrakesh.
“The partners’ objective is to supply green hydrogen and ammonia for use both as sources of green energy and in the manufacture of carbon-neutral and customized fertilizers,” Fortescue said.
The partners have also proposed collaboration of corporate venture capital funds to drive investment in key technology advancements related to green energy production in Morocco.
The joint venture is subject to closing conditions and regulatory approvals, Fortescue said.
Fortescue has significantly stepped up its investment in renewable projects in recent years to cash in on the global transition towards green energy and decarbonization, but at the same time struggled to keep its senior management.
The world’s fourth-largest iron ore miner in 2023 approved an estimated total investment of about $750 million over the next three years for two green energy projects and one green steel project.
(By Ayushman Ojha; Editing by Shilpi Majumdar)
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