Fortescue has contracted with Sinosteel to access the iron ore project in Western Australia.
Australian Fortescue Metals Group Ltd. (Fortescue) announced that the Chinese state-owned metal trader has reached an agreement with Sinosteel to quickly finish the evaluation of the Midwest Magnetite project in Western Australia.
According to the company's statement, Fortescue has the option to purchase up to 50% of the project after evaluation. The assessment will also include a project related to rail and port development in Oakajee.
Fortescue can now transition itself from an iron ore producer to a green energy company through the deal. It has signed a number of agreements for green energy projects and continues to help achieve carbon neutrality by 2030.
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