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Fortescue founder to oversee its iron ore business to help drive the company's transition

Kitco Media
By Vladimir Basov
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(Kitco News) - Iron ore mining giant Fortescue Metals (ASX: FMG) announced Wednesday it will transition to a truly global company and restructure the organization to have both the CEO of Fortescue and the CEO of Fortescue Future Industries reporting directly to the Board.

The company said that among other leadership changes, Dr Andrew Forrest AO will be appointed Executive Chairman of the Fortescue Group, specifically overseeing the iron ore business for an interim period to help drive the company’s transition when Elizabeth Gaines concludes her highly successful tenure in August 2022.

“Dr Forrest will now drive the unique mission to turn Fortescue green by 2030, ensuring the first mover advantage created over the past several years is fully realized for shareholders,” the company said in a statement. “Dr Forrest and his wife Nicola Forrest started Fortescue in 2003, carefully building it into the most efficient iron ore company in the world.”

Fortescue added that Elizabeth Gaines will remain on the company’s Board as a Non-Executive Director and become Global Brand Ambassador for FFI.

The company said that today’s announcement further signifies the evolution of Fortescue into a global green renewable and resources company, first announced in 2020.

“It will help to deliver Fortescue's global green energy business strategy - to lower global emissions, to decarbonize Fortescue, and to create significant additional value for shareholders, through sharing green fuels and technology with the world,” Fortescue noted in a press-release.

Fortescue Metals Group is a global leader in the iron ore industry. Fortescue's wholly owned and fully integrated operations in the Pilbara include the Chichester and Solomon mining hubs and the Western Hub, home to the new Eliwana mine.

The company also undertaking exploration activities in New South Wales and South Australia, as well as in Ecuador and Argentina; and preliminary exploration activities on tenements that are in application in Colombia, Peru, Portugal and Kazakhstan, prospective for copper, gold and lithium.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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