Fortescue Metals Group to Develop Renewable Energy in Indonesia

Sep 2020

The Indonesian government and Australian firm Fortescue Metals Group (FMG), the fourth largest iron ore producer in the world, signed a Deed of Agreement to develop renewable energy in Indonesia. The Deed of Agreement provides first priority to Fortescue Future Industries to conduct development studies into the feasibility of projects utilizing Indonesia’s hydropower and geothermal resources to support green industrial operations, principally for export to global markets.

Subject to the completion of feasibility studies and approvals, individual projects will be developed by Fortescue Future Industries with ownership and project finance sources to be separately secured without recourse to Fortescue. This move is to support green industrial operations in Indonesia, principally for export to global markets.

Minderoo Foundation, a philanthropy organization funded by dividends from Fortescue, also signed a Letter of Intent with the Indonesian government to  reduce plastic waste in Indonesia’s waters by 2025. Through a partnership with the Indonesian government, Minderoo Foundation will pilot its ‘Sea The Future’ initiative in Indonesia to scale up recycling and waste collection infrastructure and operations. Sea The Future is a coalition of leading companies in the plastics industry committed to ending plastic leakage to nature and accelerating the transition to a circular plastics economy.

(Sources: Antara News; Australian Mining; Fortescue Metals Group; Think Geoenergy)

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