{"id":1168459,"date":"2020-02-28T08:43:48","date_gmt":"2020-02-28T14:43:48","guid":{"rendered":"https:\/\/www.mining.com\/?p=1015505"},"modified":"2020-02-28T08:43:48","modified_gmt":"2020-02-28T14:43:48","slug":"mining-tycoon-andrew-forrest-ups-stake-in-fortescue","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1168459","title":{"rendered":"Mining tycoon Andrew Forrest ups stake in Fortescue"},"content":{"rendered":"<p>Mining billionaire and philanthropist, Andrew Forrest, has <a href=\"https:\/\/www.fmgl.com.au\/docs\/default-source\/announcements\/change-of-director's-interest-notice16995c5cdaa64a72a3a843937fa2a8f1.pdf?sfvrsn=6e7706d9_2\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">swooped down on more than 22 million shares<\/a> in the company he founded, Fortescue Metals Group (ASX: FMG), the&nbsp;world\u2019s fourth largest iron ore miner.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Forrest, who paid A$242.9 million ($160.2 million)\u00a0for the shares, now has a 35.3% stake in the company, which <a href=\"https:\/\/www.fmgl.com.au\/docs\/default-source\/announcements\/half-year-results---media-release.pdf?sfvrsn=6f5f3719_4\"  rel=\"noreferrer noopener\" aria-label=\"last week reported (opens in a new tab)\">last week reported<\/a> its profit had more than tripled in the six months to December, exceeding market expectations.\u00a0<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>He bought 22.1 million shares on top of the 1.09 billion he already owned, which represented a 35.3% stake.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The mining magnate said his decision was partly driven by Fortescue\u2019s commitment to community and environmental responsibility, which comes amid growing investors and public <a href=\"https:\/\/www.mining.com\/rio-tintos-1bn-spend-to-reach-zero-emissions-not-enough-analysts\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">pressure for miners to lower emissions<\/a>.<\/p>\n<p>\u201cThe company believes carbon neutrality must be achieved as<br \/>\nsoon as possible and is investing in practical initiatives that reduce or<br \/>\neliminate emissions, like solar and hydrogen energy, that are and will make a<br \/>\nreal difference to carbon reduction,\u201d he said in a statement on Friday. <\/p>\n<p>Forrest highlighted the company\u2019s efforts to <a href=\"https:\/\/www.mining.com\/australias-mining-tycoon-andrew-forrest-invests-in-giant-solar-farm\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">move away from diesel<\/a> for power generation. Unlike BHP, however, Fortescue has refused to set a target to reduce so-called \u201cScope 3\u201d emissions \u2014 those &nbsp;produced when customers burn or process a company\u2019s raw materials.<\/p>\n<p>The world\u2019s major iron ore producers are responsible for<br \/>\nsome of the&nbsp;largest volumes of end-use emissions globally, equivalent to<br \/>\nthose of the very biggest independent oil companies.<\/p>\n<p>Producing a tonne of steel from iron ore releases almost as much carbon as burning a tonne of coal for energy. Globally, the steel industry accounts for about&nbsp;<a rel=\"noreferrer noopener\" href=\"http:\/\/energy-transitions.org\/sites\/default\/files\/ETC_Consultation_Paper_-_Steel.pdf\" >2.8 billion tonnes<\/a>&nbsp;of annual emissions, compared to&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.iea.org\/reports\/global-energy-co2-status-report-2019\/emissions\" >10.1 billion tonnes for thermal coal<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>He now owns more than 35% of the iron mining company he founded.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168459"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1168459"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168459\/revisions"}],"predecessor-version":[{"id":1168462,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168459\/revisions\/1168462"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1168459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1168459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1168459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}