Fortescue Metals Group acquires WAE

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Fortescue Metals Group, one of the world’s largest iron ore producers, is to acquire Williams Advanced Engineering in a deal valued at £164m.

The transaction is intended to make FMG ‘a major player’ in the green industrial transport market and will see the companies work on projects that include Fortescue’s 3km long freight trains, 400 tonne haul trucks and industrial heavy mobile equipment.

The heavy industrial sector accounts for over 20 per cent of global carbon emissions. Today’s investment means Fortescue and subsidiary Fortescue Future Industries (FFI) will acquire critical capabilities needed to help decarbonise this industry globally with FFI’s green electricity, green hydrogen and ammonia.

Fortescue founder and chairman, Dr Andrew Forrest AO said: “This is an historic moment in the future of our company as we welcome the WAE family into the Fortescue family to work together to decarbonise heavy industry and hard to abate sectors.

“This announcement is the key to unlocking the formula for removing fossil fuel powered machinery and replacing it with zero carbon emission technology, powered by FFI green electricity, green hydrogen and green ammonia.”

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