Fortescue’s Profit Jump Defies Downturn for Mining Rivals
- Miner’s shipments in first half hold near last year’s record
- Company seeking to transform into producer of clean fuels
Iron ore remains the Perth-based company’s cash cow.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Fortescue Ltd.’s first-half profit surged 41%, beating estimates and bucking a trend of declining earnings among the world’s biggest miners.
The Australian company — which is attempting to transform itself into a producer of clean fuels, particularly green hydrogen — still gets almost all of its revenue from iron ore, prices of which were relatively resilient during the half. That propped up its earnings compared with more diversified rivals such as BHP Group Ltd. and Rio Tinto Group, which were impacted by weak margins for metals like nickel, copper and aluminum.