Fortescue targets green hydrogen production in Brazil
Fortescue Future Industries Pty Ltd (FFI), a wholly owned subsidiary of Fortescue Metals, and Porto do Açu Operações S.A. (Port of Açu), a subsidiary of Prumo Logistica have signed a Memorandum of Understanding (MOU) to assess the opportunity to develop hydrogen-based green industrial projects in Rio de Janeiro, Brazil.
The MOU will allow for FFI and Port of Açu to conduct development studies into the feasibility of installing a green hydrogen plant at Port of Açu, Latin America’s largest privately owned deep-water port-industrial complex.
Subject to the outcome of the studies, the project envisages construction of a 300 megawatt capacity green hydrogen plant at Port of Açu, with potential to produce 250,000 metric tons of green ammonia per year.
The availability of green hydrogen and renewable power is expected to drive further sustainable industrialisation of the port, including production of green steel, fertilizers, chemicals, fuels, and other sustainably manufactured industrial products.
The MOU also lays the groundwork for onsite solar power development projects, as well as offshore wind development projects in the states of Rio de Janeiro and Espirito Santo.
FFI Chief Executive Officer Julie Shuttleworth commented: “FFI is assessing renewable energy and green hydrogen opportunities globally and will lead and drive the green energy and product industry as we transition away from fossil fuels.
“I am excited to announce this MOU with Port of Açu. The opportunity to establish totally new and future large-scale industries will drive growth in the Brazilian economy.
“We expect the potential for new green industries at Port of Açu to substantially diversify, broaden and deepen Brazil’s already skilled workforce.”
Jose Firmo, Chief Executive Officer of the Port of Açu, added: “The Port of Açu is sailing steadfastly ahead toward the sustainable economy of the future. One of the pillars of our vision for the port’s industrialization are today’s operational energy transition projects and the renewable energy-fuelled green industries of tomorrow.
“Açu is a gateway between the growing Brazilian economy and rapidly expanding low carbon businesses around the globe.”
Firmo continued: “It is exhilarating to collaborate with an international partner of this calibre on such a visionary project. This will be the first green hydrogen plant in the country and will place FFI and Açu at the forefront of clean energy production and the green industrialization of Brazil.”
Subject to the completion of feasibility studies and approvals, individual projects will be developed by FFI with ownership and project finance sources to be separately secured without recourse to Fortescue.
Prumo is a private Brazilian company controlled by EIG, a leading institutional investor to the global energy sector.
Ma'aden celebrates 5th anniversary of Vision 2030
Saudi Arabian Mining Company (Ma’aden), one of the world’s fastest-growing global mining companies, celebrates the fifth anniversary of Saudi Arabia’s Vision 2030. The Kingdom’s mining champion highlights key achievements since the Vision 2030 launch and plans that reflect its commitment to the Kingdom’s social and economic development.
The Kingdom has implemented significant incentive programs and announced major reforms in the last five years to accelerate the development of the mining industry as a strategic pillar of the Saudi economy, including the recently launched mining investment law to attract investors and pave the way for the full utilisation of Saudi Arabia’s mineral resources, which are estimated to be worth more than $1.3trn. This goes in line with the objectives of the National Industrial Development and Logistics Program (NIDLP), one of the most important programs for achieving Vision 2030.
Ma’aden has kept its projects across a range of commodities moving on a strong growth trajectory since 2016. The company has expanded its investment portfolio, refinanced key projects, and made its first international acquisition, laying the foundation for future growth and new investment opportunities in the Saudi mining industry. Despite some challenges in 2020 due to COVID-19, Ma’aden managed to maintain its agility and remained focused on its goal to become a global Saudi mining giant, while adhering to the highest standards of health, safety, and environment.
Located on the east coast of Saudi Arabia, Ras Al-Khair Industrial City jumpstarted the mining industry development in Saudi Arabia, leveraging the country’s strategic location in connecting three continents. In November 2016, Ras Al-Khair Industrial City was further expanded and connected via railway to Ma’aden’s bauxite mine in Qassim and phosphate mine in Al Jalamid, making it a cornerstone of the Kingdom’s mineral and metal production and export industries.
Ma’aden’s integrated ‘mine to market’ aluminium value chain is the largest in the Middle East and one of the largest in the world, with investments over $11bn. Aluminium products of the highest international standards are sold to both domestic and global markets, encouraging the development of additional downstream aluminium-based industries in Saudi Arabia and neighboring countries. Operations are centered around the largest and most efficient vertically integrated aluminium complex in the world, in Ras Al Khair Industrial City, which also houses sulfur and phosphate production facilities.
Intending to capture the full value of Saudi Arabia’s significant phosphate reserves and develop new mining and mineral activities, in 2018, Ma’aden celebrated the inauguration of the industrial city of Wa’ad Al Shamal by the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz. Wa’ad Al Shamal is a world-class industrial and mining city in the Northern Borders region of Saudi Arabia. This phosphate super hub will continue to grow with Ma’aden’s latest phosphate megaproject, which is primed to increase phosphate fertilizer capacity to reach 6 million tonnes, making Ma’aden the world’s third-largest producer of phosphate fertilizer and Saudi Arabia the second largest global exporter.
In 2018, Ma’aden also acquired an 85% stake in Meridian, the Mauritius-based fertilizer distribution group, strengthening its position as one of the world’s largest producers and exporters of phosphate fertilizers. This acquisition marked Ma’aden’s first investment outside the Kingdom, in line with the company’s goal to expand globally and significantly contribute to the Kingdom's Vision 2030.
In 2019, Ma’aden commenced construction of the Mansourah and Massarah gold mine, the company’s largest-ever gold project and the Kingdom’s first project to utilize solar power as an energy source. Once operational, the mine and its processing facilities will have a key role in achieving Ma’aden’s target of producing 1 million ounces of gold per year by 2025.
These accomplishments are all due to the steppingstones set by the Saudi Vision 2030, which laid the foundations for creating an attractive environment for local and foreign investments in promising growth sectors and unlocking new ones, in addition to developing remote areas, bringing technologies and knowledge to the Kingdom, establishing specialized and modern industrial cities, and generating diverse job opportunities for Saudi nationals.