Fortescue Metals executive chairman Andrew Forrest says he will accept the first generation of clean energy projects having lower rates of return than iron ore as mining boss Fiona Hick added to the extraordinary turnover of executives at the company.
Fortescue Metals executive chairman Andrew Forrest says he will accept the first generation of clean energy projects having lower rates of return than alternative growth options in the iron ore division, as mining boss Fiona Hick added to the extraordinary turnover of executives at the company.
No official reason was given for Ms Hick’s sudden departure, with sources suggesting she was frustrated at being blocked from making staffing and strategic changes while also holding concerns about the way Fortescue accounted for its twin divisions; mining and clean energy. “We cannot get it going with the same IRR [internal rate of return] project rate of return as these mature, sexy as hell, legged up, pushed from behind projects like you get in iron ore,” he said.
He said before “nervous nellies” started selling their shares, they should remember the value growth created by early investments by companies like Amazon. Fortescue’s clean energy division boss, Mark Hutchinson, said he believed clean energy projects could still offer “fantastic” returns to shareholders.
Citi analyst Paul McTaggart described Fortescue’s ranks as a “revolving door” and he said regardless of the profit and dividend announced on Monday, investors would “be unsettled by yet another senior management change”.
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