Fortescue — company, asset and project record

Reporting entity and five-year boundary

Fortescue Ltd is an Australian incorporated, for-profit public company. The five selected reports cover financial years ended 30 June 2021, 2022, 2023, 2024 and 2025. Earlier reports call the issuer Fortescue Metals Group Ltd; the FY25 report identifies Fortescue Ltd as the reporting company. This record keeps the issuer's contemporary names where necessary, but treats the five reports as one historical reporting sequence rather than as five comparable snapshots without qualification.

The company was established in 2003. Across the period, its annual reports describe a Western Australian iron-ore business built around wholly owned Pilbara mines, processing facilities, railway and port infrastructure, alongside the formation and subsequent development of an energy and green-technology business. The reports should not be read as giving one unchanged segment boundary throughout the full five years.

Operating perimeter reported through the period

The recurrent Pilbara physical system comprises the Chichester Hub (Cloudbreak and Christmas Creek), Solomon Hub (Firetail, Kings Valley and Queens Valley in FY22–FY23 descriptions), and the Western Hub. The annual reports’ exact hub terminology changes: FY21–FY23 separately describe Chichester, Solomon and Western Hub/Eliwana; FY24–FY25 overview wording groups Solomon and Eliwana in a broader Western Hub description. That wording change does not establish that individual mines, reserves or production became interchangeable. This report therefore keeps hub, mine, deposit and group-level facts separate.

All five reports describe a mine–processing–rail–port operating system linking Pilbara production to Herb Elliott Port and Judith Street Harbour at Port Hedland. The railway is reported as 760 km in FY22–FY25. Herb Elliott Port is reported with five operating berths and, in the later reports, approval for up to 210 mtpa of iron-ore exports. The reports also refer to Fortescue Ore Carriers, tug operations, rail control and the Fortescue Hive/integrated operations centre. A group shipment total is not allocated to an individual mine in this record unless the source itself does so.

Iron Bridge is treated separately from hematite operations. It is an unincorporated joint operation held 69% by FMG Magnetite Pty Ltd and 31% by Formosa Steel IB Pty Ltd in the FY23–FY25 reports. Iron Bridge figures may be stated on a 100% joint-operation basis or on Fortescue’s 69% share basis. Those bases are retained as published; they are not added to or substituted for Pilbara hematite volumes.

Evidence and comparison rules

This is a factual five-year record built from the retained FY21–FY25 Fortescue annual-report exports. It does not provide a valuation, price target, securities recommendation, forecast or investment conclusion. The source occurrence controls the statement:

• Actual result / completed event means a production, shipment, financial, construction, commissioning, acquisition, safety or other event the annual report says occurred in or before that financial year.
• Plan, target, guidance, study or stated objective remains labelled as such, even when a later report discusses the same project. It is not rewritten as a completed result.
• Reporting basis remains visible. In particular: wet metric tonnes (wmt) and dry metric tonnes (dmt) are not combined; hematite and magnetite are not combined; Ore Reserves, Mineral Resources, inventory and production are separate record types; US dollars and Australian-dollar dividends are not converted or aggregated; and statutory NPAT, underlying NPAT and underlying EBITDA are separate issuer measures.
• Comparability is not assumed where Fortescue changed segment presentation, a project moved from construction to operations, an item is stated at 100% rather than attributable interest, or the annual report itself gives a changed accounting/resource basis. “Not separately disclosed” means the selected report did not provide a usable separate figure; it is not zero.

Principal assets and status at the end of the selected record

The FY25 report provides the latest selected reporting perimeter, but it is not used to rewrite earlier years. It describes the Pilbara hematite system, Iron Bridge magnetite, the Energy business, Fortescue Zero technologies, Green Metal work, Australian/international exploration and Belinga/Gabon activity. The asset-by-asset chronology, resource/reserve record and project status appear in later sections; the status map in Section 3 is a navigation device derived from the five reports, not an investment ranking or a substitute for the source tables.

The chronology records material annual-report facts by year. Later outcomes are not backdated into earlier years, and a later target is not treated as an earlier actual result.

FY2021 — Eliwana moved into operations; Iron Bridge remained a development project; FFI established

FY2022 — record hematite shipments; Iron Bridge construction progressed; FFI became a separate operating segment

FY2023 — Metals/Energy presentation; Iron Bridge concentrate commenced; Belinga ore reached rail

FY2024 — Iron Bridge became an operating asset; first Belinga pilot shipment; recovery after derailment

FY2025 — higher shipment record; Iron Bridge volume increased; Red Hawk acquired; Energy asset adjustments reported

This map is a report-derived index of named operations, infrastructure, development, exploration and technology items observed in the selected annual reports. Its classifications are descriptive only. “Operating”, “construction”, “study”, “development”, “exploration”, “technology” and “historical/reference” preserve the relevant report’s status; they are not assessments of quality, value or likely outcome.

Pilbara Metals system

Energy, technology and green-metal system

Exploration, development and international register

Accounting and presentation boundary

All amounts in the main financial tables below are US dollars unless labelled otherwise. Dividend amounts are Australian dollars per share and are not converted into US dollars. “Underlying EBITDA” and “underlying NPAT” are issuer-defined non-statutory measures; statutory NPAT is retained separately. Total debt includes borrowings and lease liabilities where the company reported that combined measure. Free cash flow, capex and segment results are reported measures and should not be assumed to have one identical definition in every year.

Consolidated five-year headline record

Notes on the table. FY21 labels the top line “revenue”; FY22–FY25 ledger records use “operating sales revenue” or “consolidated operating sales revenue” in the relevant annual report. The table presents the reported top-line series without implying that each year is identical in segment/perimeter composition. FY22 total debt is the reported US$5.348bn borrowings plus US$755m lease liabilities; FY21–FY25 total-debt treatment follows the issuer’s reported combined debt/lease presentation in the corresponding annual report.

Operating performance, price and cost record

The shipment and price table does not construct a price-volume bridge or attribute revenue changes beyond Fortescue’s own explanations. FY24/FY25 Iron Bridge records are separated from hematite C1 because the annual reports make that distinction. A wmt/dmt conversion is not made.

Cash flow and capital expenditure

The named capex categories are not all mutually exclusive accounting categories across all five reports, and the annual reports do not provide a common five-year table that permits a reliable category-by-category trend. They are consequently retained as each annual report described them, rather than mechanically adding or normalising them.

Liquidity, debt and funding events

Dividends and shareholder-return disclosures

Declared final dividends are retained as declarations where the report date precedes payment. No total is calculated for FY24 or FY25 in this table because the source text supplied here distinguishes dates, declarations and payments; readers can see each component without a presentation that could obscure that timing.

Segment and accounting items requiring separate treatment

• FY22: segment presentation was Iron Ore, FFI and Corporate; the FY22 annual report recorded Iron Ore EBITDA US$11.155bn, FFI EBITDA loss US$393m and Corporate EBITDA loss US$201m. These are not added to the consolidated figures in this report.
• FY23: Metals underlying EBITDA was US$10.545bn, Energy underlying EBITDA loss US$617m and Corporate US$35m; group underlying EBITDA was US$9.963bn. The same report recorded a US$726m after-tax Iron Bridge impairment within the difference between statutory NPAT and underlying NPAT.
• FY24: group underlying EBITDA was US$10.708bn; Fortescue Energy EBITDA loss was US$659m. The annual report recorded depreciation/amortisation US$2.144bn and an effective tax rate of 31.8%.
• FY25: Metals underlying EBITDA was US$8.639bn, Energy underlying EBITDA loss US$741m and Corporate underlying EBITDA positive US$43m; group underlying EBITDA was US$7.941bn. The report recorded US$158m of one-off carrying-value adjustments in Energy assets. It also recorded depreciation/amortisation US$2.506bn, net finance expense US$197m and income-tax expense US$1.624bn.

These disclosure items are retained to make segment/perimeter and impairment differences visible. They are not used to infer a business valuation, a forward result or a recommendation.

Fortescue's FY2021–FY2025 reports describe its hematite business as an integrated mine, processing, rail, port and shipping system. The annual production and shipment figures below are Pilbara hematite-system totals, not mine-by-mine allocations. The reports do not provide a five-year production or shipment series for each individual mine; no such allocation is made here.

Five-year operating and product record

• FY2021: Fortescue reported 182.2mt shipments and 181.1mt sold on a wet-metric-tonne basis. Ore mined rose by 23mt from FY2020; the report linked that increase to commissioning and transition of Eliwana. It reported a 1.3 strip ratio, 185.8mt processed, and lower reliance on ancillary crushing as Eliwana was integrated. Christmas Creek's wet high-intensity magnetic separation (WHIMS) plant, commissioned in December 2020, ramped to capacity in the second half and was described as improving yield and grade. West Pilbara Fines represented 9% of FY21 sales. FMG Trading Shanghai's cumulative sales from June 2019 to 30 June 2021 were 17.7mt; the report describes the entity as selling smaller volumes in RMB from regional Chinese ports and explains that shipment/sales differences could reflect inventory at those ports.
• FY2022: Shipment volume was 189.0mt, 6.8mt above FY2021 and described as a record. The report attributed the result to Eliwana integration and consistent planned output at existing operations. Ore processing was 188.6mt; Eliwana was said to have operated consistently at its designed 30mtpa output, existing OPFs operated reliably, and processing occurred without ancillary crushing, compared with 9.3mt of ancillary crushing in FY2021. WHIMS met target throughput. West Pilbara Fines sales were 15.0mt, compared with 17.0mt in FY2021. FMG Trading Shanghai sold 18.5mt.
• FY2023: The report recorded 192mt processed, 192mt shipped and 192mt sold across Pilbara hematite operations. It reported 218mt mined and a 1.5x strip ratio, compared with 229mt and 1.4x in FY2022; its stated causes were ore/waste sequencing, new-area development and alignment with annual and life-of-mine plans. It attributed the shipment result to planned production, stable operations and inventory in the value chain. FMG Trading Shanghai sold 16.7mt. The same year, Iron Bridge's 1.4mt mined ore was reported separately from the Pilbara hematite production/shipments table.
• FY2024: Total shipments were 192Mt, including 190.4Mt hematite and 1.2Mt Iron Bridge concentrate. Hematite mining was 204Mt, processing 188Mt and the strip ratio 1.6x. Fortescue attributed the strip-ratio increase to the life-cycle position of Chichester and Western Hub operations. The report states that an early-Q3 derailment was followed by a recovery plan using supply-chain flexibility, value optimisation and product-portfolio refinement; it reported a second-half shipment record of 97Mt. FMG Trading Shanghai sold 11.3Mt. Iron Bridge's 13.0Mt ore mined, 2.1Mt concentrate produced and 1.2Mt shipped are 100%-basis magnetite figures and remain separate from hematite C1 calculations.
• FY2025: The report recorded 341Mt wmt overburden removed, 220Mt wmt hematite ore mined, 195Mt wmt hematite ore processed, 191Mt hematite shipments and 198Mt total sales. Iron Bridge’s 7Mt shipment remains a separately reported 100%-basis magnetite figure. The report states that its operating hubs are coordinated with its product and marketing strategy and that hematite mining and processing volumes reflect the life-cycle stage of Chichester and Western Hub operations. The separate 198.4Mt climate disclosure is retained only in Section 15, where its Scope 3 reporting context is explicit.

Shared rail, port, shipping, gas and control infrastructure

• Rail and port: In FY2021 the annual report said Herb Elliott Port's licensed throughput approval had risen from 175mtpa to 210mtpa, including support for growth projects such as Iron Bridge. FY2023 described Fortescue as wholly owning and operating its rail and port facilities, with Herb Elliott Port having five operating berths and the same 210mtpa approval. FY2024 again reported 760km of rail, five port berths and 210mtpa port approvals. These are system-level figures; they are not attributed to individual hubs in this record.
• Shipping and towage: FY2023 identifies Judith Street Harbour towage infrastructure and tugs as part of the Port Hedland chain. It also reported that eight purpose-built Fortescue Ore Carriers, each with 260,000-tonne capacity, carried 18.9mt in FY2023 and accounted for about 10% of shipping requirements. FY2024 reported towage services within other revenue, but does not provide a mine-level relationship for that activity.
• Integrated control and automation: The FY2021 fleet included 193 autonomous haul trucks across the Solomon and Chichester hubs. The FY2023 report says more than 190 autonomous haul trucks were operating across those two hubs. The Fortescue Hive in Perth, opened in 2020, combined planning, operations, mine control, port, rail, shipping and marketing teams on a 24/7 basis; Iron Bridge control was added in FY2023. Automation and the Hive are reported as shared-system arrangements, not as a separate production stream.
• Gas and power: In FY2021, Pilbara Energy Connect (PEC) was described as a US$0.7bn programme comprising 275km of high-voltage transmission, 150MW gas generation, 150MW solar PV and large-scale battery storage. FY2022 reported extra gas-fired capacity at Solomon Power Station and completion of the first Solomon-to-Iron Bridge transmission stage. The same report describes the Alinta-owned Chichester Solar Gas Hybrid as a 60MW solar PV facility and 60km transmission line connecting Christmas Creek and Cloudbreak to Alinta's Newman gas-fired power station; it was commissioned in November 2021 and replaced existing diesel generation for the remainder of FY2022. The FY2023 report states that PEC and the Chichester Solar Gas Hybrid were designed to connect Port Hedland, Iron Bridge, Cloudbreak, Christmas Creek, Solomon and Eliwana through more than 500km of transmission lines. FY2024 records the initial PEC phase as a 100MW North Star Junction solar farm plus 500km of transmission lines/substations, while separately identifying planned lines, solar and battery packages for the hubs. These disclosed arrangements are included as infrastructure facts; the report does not quantify an annual gas or electricity allocation to each mine.

The annual reports identify the Chichester Hub as Cloudbreak and Christmas Creek in the Chichester Ranges. The reports also state that Cloudbreak and Christmas Creek are historically quoted separately in the reserve statement but are effectively one deposit for mining/processing purposes, with ore directed to the nearest of three ore-processing facilities. The five-year record therefore preserves both the individual asset names and the stated common-processing boundary.

Asset and operating chronology

• FY2021: Fortescue listed Cloudbreak and Christmas Creek as the Chichester Hub. It reported completion of the Chichester autonomous-haulage project in FY2021. Christmas Creek's WHIMS plant was commissioned in December 2020 and reached capacity during the second half of FY2021. The report says the system improved yield and grade. The 193-truck autonomous fleet was stated to operate across both the Solomon and Chichester hubs; a hub-specific truck count was not reported.
• FY2022: Bigge entered production at Cloudbreak in Q3 FY2022. The report describes Bigge as an expansion westward at Cloudbreak and a source of low-strip-ratio material. It also records that the Chichester Solar Gas Hybrid replaced the then-existing diesel generation for the balance of FY2022 following November 2021 commissioning. It does not publish a separate Cloudbreak or Christmas Creek annual production/shipments result.
• FY2023: The annual report describes Chichester as having about 100mtpa annual capacity across three OPFs. It records a 60MW solar farm supporting daytime Cloudbreak and Christmas Creek operations, stated to displace around 100 million litres of diesel annually. It describes 20km of relocatable conveyors at Cloudbreak, designed to be moved to new mining areas. Development work continued at Garden and Hall, with the stated aim of optimising system capacity while aligning with product strategy and managing operating and capital costs.
• FY2024: The annual report links the hematite strip ratio increase at the group level partly to the life-cycle stage of Chichester and Western Hub operations. It does not provide an independently identifiable Chichester production/shipments figure. In the reserve statement, the decrease in Chichester reserves was attributed primarily to depletion and reclassification of localised Indicated Resources to Inferred at Christmas Creek.
• FY2025: The report describes Cloudbreak and Christmas Creek as having around 100mtpa capacity across three OPFs and identifies Christmas Creek as the location of the Green Energy Hub and Green Metal Project. It reports a 60MW solar farm supporting daytime hub operations and says a 190MW Cloudbreak solar farm was under construction. The report separately describes construction of 110km of 220kV line/substation works for Cloudbreak and Christmas Creek and the Cloudbreak solar project; those energy works are company-reported construction/project facts, not FY2025 operating output.

Chichester reserve and resource record

• These reserve values are the annual report's hematite Ore Reserve figures. They must not be added to Mineral Resources or to production. FY2021 uses stated product tonnes; the FY2025 annual statement identifies its operating hematite reserve as dry product. Differences in basis, reporting scope and estimate inputs remain attached to each annual disclosure.
• For FY2021 the annual statement says resources are inclusive of reserves, that the estimates use the JORC 2012 Code, and that the company performed peer review/audit work. For FY2022, the reserve update specifically named sale depletion, permanent-infrastructure and relevant-heritage exclusions, ore-loss/dilution updates based on mine history, OPF response updates, metallurgical testwork at Christmas Creek/Cloudbreak/Queens, mine-geometry re-optimisation and a revised mine plan. These are estimate-update inputs, not changes in mined output.
• FY2025 identifies continued near-mine exploration at Chichester, and lists Greater Chichester development resources of 829Mt at 57.0% Fe as a group record distinct from the operating Chichester resource. Investigator, White Knight and Mount Lewin are listed as Greater Chichester development deposits; they are retained as separately disclosed development-property names rather than added to Cloudbreak or Christmas Creek.

Environment, heritage and operating-boundary facts

• In FY2023 the annual report recorded 96% operational/beneficial water use at Cloudbreak/Christmas Creek against an at-least-80% target, and stated that site-specific water targets had been set at Chichester in FY2019. These are reported environmental performance/management figures and do not measure ore throughput.
• The FY2022 and FY2025 reserve-update descriptions include heritage-area exclusions. FY2025 also says heritage-significant areas are excluded where appropriate in the resource/reserve reporting. The reports do not provide a separate annual Chichester rehabilitation-volume series in the retained ledgers used for this section.

Fortescue's FY2023 annual report identifies Solomon as comprising the Firetail, Kings Valley and Queens Valley mines in the Hamersley Ranges. It stated capacity of 65–70mtpa. The FY2024 and FY2025 reserve disclosures instead use a Western Hub grouping for Firetail, Kings and Queens, Eliwana and Flying Fish. This section keeps the Solomon mine names separate and does not relabel later Western Hub aggregates as Firetail or Kings Valley output.

Five-year chronology

• FY2021: Queens development commenced mining and provided feed to existing OPFs. The report stated that the autonomous fleet operated across Solomon and Chichester, and reported the group fleet as 193 autonomous haul trucks rather than a Solomon-specific number.
• FY2022: Queens Valley output continued and its overland conveyor was commissioned in the first half. At group level, the FY2022 operations record attributed part of the 1.9Mt increase in ore mined to Eliwana, Queens Valley output and Bigge; it does not state a standalone annual production figure for Firetail, Kings Valley or Queens Valley.
• FY2023: The report describes Firetail and Kings Valley/Queens Valley as Solomon's mines, and says Queens Valley expansion enabled continued Kings Fines production. Firetail's higher-grade ore was described as usable in blends with Eliwana and Chichester ore to make Fortescue Blend. In May 2023, a retrofitted dual-fuel ammonia locomotive was delivered to Solomon for field testing; the report identifies mainline trials as FY2024 work after commissioning. The FY2023 report also records more than 190 autonomous trucks operating across Solomon and Chichester.
• FY2024: The report no longer gives a stand-alone Solomon hub reserve total. Instead, Firetail, Kings and Queens, Eliwana and Flying Fish are included in a Western Hub aggregate. This is a reporting presentation change in the asset record; no mine-level production allocation is inferred.
• FY2025: The report states the Solomon Tailings Storage Facility and Pipeline project was completed in FY2025. It identifies continuing near-mine exploration at Solomon. It does not supply individual FY2025 Firetail or Kings Valley production/shipments figures in the retained annual ledger.

Reserve, resource and exploration record

• FY2025's report-derived complete development-property list for Greater Solomon is Serenity, Queens East West (previously Sheila Valley), Mount MacLeod, Cerberus, Stingray and Raven. It is a development Mineral Resource group and is not added to the operating Firetail/Kings/Queens reserve or to mine production.
• FY2025 reports advanced exploration at Mindy South, Wyloo North and White Knight and continuing near-mine work at Solomon and Chichester. The stated focus was to convert resources to higher-confidence categories to support Ore Reserve conversion. This is a disclosed exploration objective, not an achieved conversion outcome for a specified Solomon mine.
• The annual reserve/resource statements state JORC 2012 classification, rounded tables and review/audit processes. For FY2025, the operating reserve update included sales depletion, exclusions for heritage/permanent infrastructure/tenements, revised ore loss and dilution based on life-of-mine operating history, metallurgical response, mine geometry and a revised LOM plan/product strategy. The report does not assign each factor to Firetail, Kings Valley or Queens Valley separately.

The report naming changes across the period are material to interpreting this section. FY2021 identifies Western Hub as the first mining area at Eliwana. FY2022 describes the Western Hub reserve as Eliwana and Flying Fish, which it says are effectively one deposit feeding the same dry OPF. FY2023 retains that definition. FY2024 and FY2025 expand the Western Hub reserve grouping to Firetail, Kings and Queens, Eliwana and Flying Fish. The tables below preserve those issuer-defined boundaries rather than reconstructing a consistent artificial mine series.

Construction, commissioning and operating chronology

• FY2021: First ore went through Eliwana's OPF in December 2020; the mine and rail transferred to the Operations team in January 2021. The mine spans more than 50km and includes a 143km rail link to Hamersley rail, a 30mtpa dry OPF, a low-profile OPF and dual stacker-reclaimer. The report states that the operation reached a 30mtpa annualised processing rate within six months. It described Eliwana as the Western Hub's first mining area and as a high-grade, low-strip-ratio dry-processing operation.
• FY2022: The report states that Eliwana operated consistently at its designed 30mtpa output. It identifies Western Hub resources as high-iron-content bedded ore that could add dry tonnes to the product suite. The FY2022 reserve narrative treats Eliwana and Flying Fish as effectively one deposit feeding the same dry-processing OPF.
• FY2023: Eliwana was reported as operating at a 30mt annualised rate, with its low-profile OPF and dual stacker-reclaimer able to direct-load up to 9,000 tonnes an hour. Development at Flying Fish continued. The Western Hub in the FY2023 reserve discussion consisted of Eliwana and Flying Fish.
• FY2024: The company reported first ore from Flying Fish. Its FY2024 reserve presentation grouped Firetail, Kings and Queens, Eliwana and Flying Fish in Western Hub. The group did not publish a separate FY2024 annual production or shipment value for Eliwana or Flying Fish.
• FY2025: The report describes Eliwana as commencing operations in 2020 and says Solomon and Eliwana, near the Hamersley Ranges, have a combined stated annual production capacity of around 100Mt. It identifies FY25 capital/investment categories including Flying Fish, Garden and Hall deposits, fleet replacement and PEC/Green Metal. These category disclosures do not supply project-by-project expenditure or production amounts. The FY2025 climate/energy record identifies a 120MWh Eliwana BESS as board-approved and reports 110km of 220kV line/substation construction for Cloudbreak/Christmas Creek; earlier FY2024 infrastructure disclosures separately identify approximately 140km of lines/substations to Eliwana and Flying Fish.

Western Hub and Eliwana reserve/resource record

• FY2025's Greater Western development-property list is Flying Fish South, Vivash, Cobra, Lora, Zorb, Farquhar, Elevation, Boolgeeda CID and Wyloo North. These are report-listed development resources, separate from the operating-property Western Hub figures.
• FY2024 records Pilbara exploration focused on Mindy South, White Knight and Wyloo North, with near-mine exploration continuing at Solomon and Chichester. FY2025 records advanced work at Mindy South, Wyloo North and White Knight. The annual reports do not provide a separate FY2024 or FY2025 drilling-total record for Eliwana/Flying Fish in the retained ledgers.
• The FY2025 statement says the reserve update also addressed heritage, permanent-infrastructure and tenement exclusions, revised ore loss/dilution, metallurgical response, mine geometry and the LOM plan/product strategy. It reports that heritage-significant areas are excluded where appropriate. These are disclosed estimation boundaries and should not be converted to a mine-by-mine operating event without a direct asset attribution.

Reading boundary: project, operation and interest basis

Iron Bridge is Fortescue's magnetite operation about 145 km south of Port Hedland. It combines the North Star and Glacier Valley ore bodies with dry crushing and grinding, a 135 km concentrate slurry pipeline, a return-water pipeline and a Port Hedland concentrate-handling facility. It is not part of the hematite production/shipments series: where the annual report separately gives Iron Bridge production or shipments, the basis is stated below.

The asset is an unincorporated joint operation. In each of the selected annual reports, FMG Magnetite Pty Ltd is stated to hold 69% and Formosa Steel IB Pty Ltd 31%. Resource, reserve, mining, concentrate-production and shipment figures labelled 100% or JV basis below describe the whole Iron Bridge joint operation; they are not Fortescue-attributable figures. A 69% interest must not be applied unless the report itself presents the result on that basis.

FY2021 — construction assessment, revised capital and pre-production reserve baseline

• Actual project status: Iron Bridge was under construction, designed for 22 mtpa of low-impurity magnetite concentrate at a stated 67% Fe product grade. The report identified North Star and Glacier Valley as its ore bodies.
• Actual delivery work: the FY21 technical and commercial assessment addressed the concentrate and return-water pipelines, port/rail use, contractor strategy and modular-delivery logistics. The report records pipeline-corridor geotechnical work and construction of the Lumsden Point module-offload facility.
• Revised project estimate (not an actual cost): after the 12-week assessment, the company reported a completion-capital estimate of US$3.3–3.5bn. It reported Fortescue investment of US$1.2bn at 30 June 2021 and a joint-operation project-share range of US$2.5–2.7bn. These measures are differently described in the report and are not combined here.
• Schedule and ramp-up statement (not actual production): first production was then scheduled by December 2022, followed by an expected 12–18 month ramp-up to full run-rate.
• Operating-cost statement (not actual FY21 operating cost): the annual report gave estimated life-of-mine C1 cost of US$33–38/wmt, including port and power services, and stated sustaining capital of US$5–7/wmt.
• Ore Reserve at 30 June 2021 — 100% JV basis: 716 Mt dry in situ, 29.4% mass recovery, for a 67.0% Fe product. All reported reserve material was Probable; the report said no magnetite sales or production had yet occurred.
• Mineral Resource at 30 June 2021 — 100% basis: 5,448 Mt dry in situ at 22.7% DTR mass recovery: North Star/Eastern Limb 3,150 Mt, Glacier Valley 1,671 Mt, and West Star 627 Mt. The stated Fortescue entitlement was 69%.
• Qualification: the report described 2–3 Bt of reclassified material as an Exploration Target, not a Mineral Resource, and stated that insufficient exploration existed to estimate a Mineral Resource. It also identified a Cave 13 mining restriction and pending Glacier Valley mining approvals; the company stated at the time that neither was expected to materially affect reserves.

FY2022 — construction peak and dry-circuit commissioning

• Actual delivery work: the Lumsden Point module-offload facility was completed. By 30 June, 20 of 21 module ships had been unloaded and delivered; the remaining ship arrived in July 2022. Primary crusher A was installed, dry-circuit-A commissioning commenced from the primary crusher to the coarse-ore stockpile, 130 km of pipeline had been welded, and civil, structural and electrical work continued at the Port Hedland concentrate-handling facility.
• Actual construction conditions: the report listed industry cost pressures, global supply-chain constraints, COVID-19-related challenges, labour availability and specialist-skills access as factors affecting the construction period. These are company-disclosed delivery conditions, not a finding that any later schedule outcome necessarily resulted from one factor.
• Revised project estimate and schedule (not actual production): total capital was then estimated at US$3.6–3.8bn, with Fortescue's 69% share stated as US$2.7–2.9bn. Fortescue investment at 30 June 2022 was US$2.3bn. First production was then scheduled for the March 2023 quarter.
• Resource/reserve record: total magnetite Ore Reserves were 844 Mt dry in situ at 29.5% mass recovery for a 67.3% Fe product. Total magnetite Mineral Resources were 6.2 Bt dry in situ at 22.7% mass recovery. The annual report recorded a maiden South Star Mineral Resource of 898 Mt dry in situ.
• Technical reporting basis: the magnetite resource table used a 9% mass-recovery cut-off based on Davis Tube Recovery testwork, a US$200/t high-revenue-factor pit shell, dry in-situ tonnes and a resource figure inclusive of Ore Reserves. These are estimation/table conditions, not production measures.

FY2023 — first concentrate, post-year-end first shipment and impairment

• Actual project/operating event: the annual report said high-grade magnetite concentrate production commenced in the final quarter of FY2023. It recorded 1.4 Mt of ore mined during FY2023; this was not included in the report's Pilbara hematite production/shipments table.
• Post-balance-date event: the first concentrate was loaded onto a ship on 24 July 2023, after the 30 June 2023 reporting date. It is therefore not presented as an FY2023 shipment result. The Executive Chairman's message referred to a May 2023 launch and a maiden concentrate grade above 68%, against the company-stated 67% target; this remains management-reported project information.
• Project configuration: the report repeated the North Star/Glacier Valley system, wet concentrate and 135 km slurry-pipeline route to Port Hedland for dewatering/materials handling. Its stated full-capacity projection remained 22 mtpa of high-grade, low-impurity concentrate at 67% Fe.
• Accounting event: a US$1,037m pre-tax (US$726m after tax) impairment was recognised for the Iron Bridge cash-generating unit at 30 June 2023. The report attributed the assessment to inflationary operating costs, higher discount rates and ramp-up timing. This is an accounting event, not a cash-capex total or an operating-production measure.
• Ore Reserve at 30 June 2023 — 100% JV basis: 843 Mt dry in situ at 29.9% mass recovery for a 67.3% Fe product, all Probable. The report stated that full-scale production history and sales were absent at that reporting date. North Star/Eastern Limb: 640 Mt Probable, 30% mass recovery, 194 Mt product tonnes and 67.1% Fe; Glacier Valley: 203 Mt Probable, 29% mass recovery, 58 Mt product tonnes and 68.0% Fe.
• Access/approval qualification: mining within 100 m of the Pilbara leaf-nosed bat Cave 13 at North Star was prohibited pending regulatory demonstration. Glacier Valley primary environmental approvals were in progress with state and Commonwealth regulators. The report stated that its schedule included access delays and that it did not then expect either item to have a material reserve impact.

FY2024 — transition to operations, first product shipment and water-system constraint

• Actual status transition: Iron Bridge transitioned from project to operations in August 2023.
• Actual FY2024 physical record — 100% basis: 13.0 Mt ore mined, 2.1 Mt concentrate produced and 1.2 Mt shipped. The report recorded the first shipment of 67% Fe product in September 2023. These magnitudes are separate from the group hematite series.
• Actual ramp-up condition: the remuneration-performance record stated that ramp-up as per budget was not achieved because of raw-water-pipeline performance. The report described a water-banking strategy and commercial agreements to increase West Canning Basin water-abstraction licence. This is a reported operational condition, not a forecast of resolution.
• Ore Reserve / Mineral Resource at 30 June 2024 — 100% JV basis: magnetite Ore Reserve 832 Mt dry in situ, 29.9% mass recovery and 67.3% Fe product grade; magnetite Mineral Resources 6.198 Bt dry in situ at 23.1% average mass recovery.
• Accounting follow-up: no Iron Bridge CGU impairment indicators were identified in FY2024. The financial statements nevertheless identify judgement in price, foreign exchange, discount rate, recoverable resources, production, costs and capital in a recoverable-amount assessment. This does not reverse or net against the FY2023 impairment.
• Power/infrastructure linkage: the report links the initial Pilbara Energy Connect phase to Iron Bridge through the North Star Junction solar farm, transmission/substations and later BESS work packages. This is recorded as supporting infrastructure, not as a statement that a particular FY2024 Iron Bridge tonne was solar-powered.

FY2025 — operating throughput, distinct management targets and latest selected reserve/resource snapshot

• Actual FY2025 physical record — 100% basis: 19 Mt ore mined (FY2024: 13 Mt), 7 Mt concentrate produced (2 Mt) and 7 Mt shipped (1 Mt). The group reported the latter as Iron Bridge magnetite, separately from 191 Mt hematite shipments.
• Actual logistics configuration: the concentrate-handling facility received material through the 135 km slurry pipeline, dewatered it and stacked it at Hedland Operations; the annual report separately identified the return-water pipeline.
• Management outlook/targets, not FY2025 actuals: the company stated expected FY2026 shipments of 10–12 Mt on Fortescue's share basis, annualised Fortescue-share production of 16–20 Mt in H2 FY2027, and a 22 mtpa nameplate target in FY2028, subject to continuing process optimisation. They are not combined with 100%-basis FY2025 output and are not presented as MII forecasts.
• Ore Reserve at 30 June 2025 — 100% JV basis: 938 Mt dry in situ, 29.8% DTR mass recovery and 67.3% Fe product. The report states Fortescue's contractual share is 69%; it also says the estimate uses the current resource model, mining/geotechnical/metallurgical parameters and latest cost assumptions aligned to the proposed operating strategy.
• Mineral Resource at 30 June 2025 — 100% basis: 6.008 Bt dry in situ at 24.1% DTR mass recovery. This was lower than FY2024's 6.198 Bt. The report identified heritage exclusions at West Star and Glacier Valley, resource-model changes and an updated constraining pit shell. It records 2025 model updates for North Star, Eastern Limb, West Star and Glacier Valley; South Star had been updated in 2023.
• Accounting record: the external auditor treated Iron Bridge CGU impairment and restoration/rehabilitation obligations as key audit matters. Management identified impairment indicators, performed an assessment and recognised no impairment expense in FY2025. The audit description of FVLCD discounted cash flows lists inputs including prices, premiums, recoverable resources, production, costs, capital and closure; it is an accounting-estimate disclosure, not a valuation in this report.

Five-year project and resource ledger — do not add categories

The row-to-row figures are reported estimates on the annual-report basis shown. They should not be treated as a continuous production series, summed across years, converted to attributable tonnes unless the report does so, or used to infer a value.

Measurement rules and five-year totals

Fortescue reports its Ore Reserves and Mineral Resources under the 2012 JORC Code. The report family says values are rounded, resources are inclusive of reserves, and dry in-situ, dry-product, mass-recovery/DTR, grade, stockpile and ownership boundaries must be retained. Consequently, the figures below are presented as separate issuer measures. No MRE, Ore Reserve, inventory, production or exploration target is added to another category.

Operating mines, hubs and producing/development deposits

Named operating-property magnetite deposits — Iron Bridge joint operation

Development-property and regional hematite register — names found in the selected annual ledgers

The names below are a completeness register, not a claim that every item was a producing mine or an Ore Reserve in every year. Where the selected ledgers supply a group rather than an item-level number, the group is retained and the individual asset is marked without an invented balance.

Exploration, international and other named projects/sites register

Completeness and non-comparability notes

• The register preserves every named mine, hub, deposit, prospect, project, infrastructure site and international exploration location found in the selected annual ledgers for this report section. A later change in hub aggregation—especially the move from a separate Solomon group to a broader Western Hub reserve group—is not silently normalised.
• A group resource number is not an individual-deposit number. Where the retained annual ledger gives only a group measure, the individual name is retained but marked as not separately disclosed.
• Iron Bridge's 100% joint-operation MRE/OR, 69% contractual interest, 100%-basis operating tonnes and Fortescue-share outlook all remain separate. No figure in this section is a valuation, a production forecast or an investment recommendation.
• Exploration Targets, potential scale/grade statements, work programmes and project studies remain distinct from Mineral Resources, Ore Reserves and approved operations.

Reporting boundary and reading rule

This section records the annual-report evidence for decarbonising Fortescue's Australian terrestrial iron-ore operations and the associated Pilbara power, transmission and mobile-equipment programme. It does not treat a target, capacity design, avoided-emissions estimate, prototype, Board approval or guidance as an achieved operating result. Fortescue's FY2021 language was a 2030 carbon-neutrality target; later reports describe the Australian-terrestrial Scope 1 and 2 objective as Real Zero, defined in FY2024 as no fossil fuels and no offsets. The change in terminology is preserved rather than normalised backward.

FY2021 — initial programme, early construction and reported emissions

• In March 2021 Fortescue announced a 2030 carbon-neutrality target. The FY2021 report described this as net Scope 1 and Scope 2 emissions from existing and future operations falling to zero by 2030; it was a target, not a reported FY2021 outcome.
• Pilbara Energy Connect (PEC) was disclosed as a US$0.7bn programme: US$250m for 275km of high-voltage transmission and US$450m for 150MW of gas generation, 150MW of solar PV and large-scale battery storage. At 30 June 2021, bulk earthworks at Solomon Power Station and more than 660 of 800 transmission foundations were complete. The report stated that PEC could provide 25% of stationary mining energy through solar power; this was a programme description, not a measured FY2021 supply result.
• The Alinta-owned Chichester Solar Gas Hybrid was described as 60MW of solar PV and a 60km transmission line connecting Christmas Creek and Cloudbreak to Newman gas power. The FY2021 report said energisation was due in the second quarter of FY2022 and that the system was expected to displace about 100 million litres of diesel a year.
• The FY2021 report recorded work on ammonia locomotive fuel combustion, a marine-engine combustion-test device/pilot, in-principle approval for an ammonia-fuelled ore-carrier design, haul-truck battery-cell testing, hydrogen haul-truck and drill-rig demonstrations, and systems testing. These were technology-development or demonstration items, not fleet-wide operating conversion.
• FY2021 gross operational emissions were 2.22MtCO2-e, comprising 2.06Mt Scope 1 and 0.16Mt Scope 2. The report said offsets reduced net operational emissions to 2.01MtCO2-e, 3% below the FY2020 operational baseline. It identified policy/regulatory, technology-viability, demand and reputational transition risks as well as acute and chronic physical risks.

FY2022 — PEC completion steps, solar commissioning and early fleet infrastructure

• FY2022 PEC capital expenditure was US$187m, taking programme-to-date spending to US$462m. The report recorded additional gas-fired capacity under construction at Solomon Power Station and completion of the first Solomon-to-Iron Bridge transmission stage.
• At 30 June 2022, all 809 Stage 1 PEC transmission poles had been installed, conductors strung and the line tested and ready for energisation. The report still described the overall programme as US$700m, comprising the 275km transmission and generation components stated in FY2021.
• The Alinta-operated Chichester Solar Gas Hybrid was commissioned in November 2021 and replaced existing diesel generation for the remainder of FY2022. Fortescue said PEC plus that project were expected to source 25% of stationary energy requirements from solar; this is an expected share, not a disclosed FY2022 measured share.
• Green-bond allocations at 30 June 2022 included US$20m for Pilbara Generation, US$51m for Pilbara Transmission, US$24m for the Green Fleet Energy Hub and US$5m for battery-electric locomotives. The Green Fleet Energy Hub was defined as a 1.5MW hydrogen-refuelling station at Christmas Creek for ten hydrogen passenger coaches and associated infrastructure.
• Fortescue purchased two battery-electric locomotives from Progress Rail in January 2022, with delivery stated for 2023. It also announced the Infinity Train study in March 2022: a regenerating battery-electric iron-ore train proposed to recharge through gravitational energy on the return trip. The report estimated US$50m of study and development work over the next two years; it did not report a completed operational train in FY2022.
• FY2022 gross operational emissions were reported as 2.55MtCO2-e, including 1.90Mt Scope 1 and 0.33Mt Scope 2 in the cited climate disclosure. The report stated that renewable electricity from the Chichester project reduced electricity emissions intensity from 3.50 to 3.32. Gross Scope 3 emissions were 255MtCO2-e. Fortescue said it procured and surrendered offsets so that net operational emissions were 2.28MtCO2-e, 3% below the FY2020 baseline.

FY2023 — Real Zero roadmap, network expansion and prototype delivery

• Fortescue disclosed a Board-approved US$6.2bn decarbonisation roadmap seeking Real Zero by 2030: elimination of fossil-fuel use and Scope 1 and 2 terrestrial emissions at Australian iron-ore operations. The stated programme included an additional 2–3GW of renewable generation and battery storage, plus green-fleet and locomotive costs. The amount and scope were roadmap statements, not FY2023 spend or achieved emissions reduction.
• The company reported that it had identified solutions for about 90% of Australian terrestrial Scope 1 and 2 emissions and was continuing work on the remaining approximately 10%. It said voluntary Scope 1 and 2 offset purchases would cease from FY2024 unless required by law.
• FY2023 milestones included delivery of the first on-site battery-electric haul-truck prototype to Christmas Creek, continued hydrogen-haul-truck refinement, ammonia-locomotive deployment and modification of a diesel ship engine for ammonia operation. The annual report distinguishes these delivered or modified items from future field and sea trials.
• PEC and the Chichester solar project were described as targeting 25% of stationary-energy requirements from solar by FY2025. The network design connected Port Hedland, Iron Bridge, Cloudbreak, Christmas Creek, Solomon and Eliwana through more than 500km of transmission.
• FY2023 programme events were the construction of the 98km North Star Junction–Port Hedland transmission line and 220kV substation; construction of the 100MW North Star solar plant; Board approval for the 132km Solomon–Eliwana line and substation; and Board approval plus procurement for the 111km Lambda–Cloudbreak/Christmas Creek connection and two substations.
• Gross Scope 1 and 2 emissions were 2.55MtCO2-e in FY2023, split between 2.20Mt Scope 1 and 0.35Mt Scope 2. The stated operational-control boundary included Australian iron-ore operations, eight ore carriers and nine Port Hedland tugboats. The report listed 633 million litres of diesel and 4.1PJ of gas consumption, 145.7GWh renewable electricity purchased and 567GWh non-renewable electricity purchased.
• Fortescue reported surrendering 336,833tCO2-e of offsets in FY2023 to meet the preceding 3% annual net-emissions-reduction commitment, before stating that this approach would be replaced by spending toward the Real Zero pathway from FY2024. Its net-zero Scope 3 by 2040 and controlled-marine-vessel-emissions-by-2030 statements remained targets.

FY2024 — solar construction/commissioning, electric equipment and implementation constraints

• The FY2024 report continued to state a Real Zero target for Scope 1 and 2 terrestrial emissions from Australian iron-ore operations by 2030, defining it as no fossil fuels and no offsets. It said solutions had been identified for approximately 90% of those emissions and referred to a further 2–3GW of renewable generation/storage, a green mining fleet and locomotives as programme components.
• Reported FY2024 decarbonisation capital expenditure was US$224m, including PEC. North Star Junction's 100MW solar facility commenced construction/commissioning in the year. The report said that, when fully commissioned, the facility was expected to avoid up to 125,000tCO2-e a year; this is a company estimate rather than a FY2024 measured avoidance result.
• Fortescue reported Australia's first operational electric excavator at Cloudbreak, with three 400-tonne electric excavators in operation—two at Solomon and one at Cloudbreak. It reported that the Roadrunner 240-tonne battery-electric haul-truck prototype completed its first battery-power-system test phase and that the fast-charger prototype was commissioned on site and transferred 3MW to Roadrunner.
• The Europa hydrogen fuel-cell battery-electric haul-truck prototype was reported as developed and commissioned with Liebherr. The cited configuration was a T 264 truck with a Fortescue Zero battery, 500kW fuel cells and storage capacity of more than 380kg of liquid hydrogen. The report also recorded commissioning of a hydrogen-powered prototype offboard power unit for a retrofitted Liebherr electric excavator, onsite commissioning of an ammonia-powered locomotive with mainline testing under way, and DNV Class-approved KTA50 marine-engine land-test validation.
• Christmas Creek's gaseous/liquid hydrogen plant was described as able to produce about 530kg of hydrogen gas a day for fuel-cell coaches and prototype refuelling. This is a described plant capability rather than a reported annual hydrogen-production total.
• The annual report expressly identified implementation constraints: existing technologies require adaptation, new technologies must be developed, and technology and supply-chain availability/maturity remained material issues.
• FY2024 Australian terrestrial iron-ore Scope 1 and 2 emissions were 2.38MtCO2-e, compared with 2.28MtCO2-e in FY2023 and 2.23MtCO2-e in FY2022 in the sustainability disclosure. This is a reported emissions series; it is not presented as a measure of programme completion.

FY2025 — operating solar output, power-network work and reported emissions

• FY2025 decarbonisation capex was US$405m. Guidance of US$900m–US$1,200m for FY2026 and expected FY2026 cumulative investment of US$1.5bn–US$1.7bn in Australian mining decarbonisation are forward-looking company guidance, not FY2025 completed expenditure.
• Fortescue reported commissioning its first electric drill and expanding its electric-excavator fleet to seven. It signed a Liebherr equipment partnership for zero-emission machines including T 264 battery haul trucks designed to integrate Fortescue Zero power systems, and an XCMG agreement for zero-emission heavy mobile equipment. It also reported launch of a Liebherr co-developed autonomous-haulage system, onsite commissioning of a hydrogen fuel-cell battery-electric haul-truck prototype and arrival of a battery-electric locomotive prototype in the Pilbara.
• The company said 140km of high-voltage-line construction during FY2025 brought high-voltage infrastructure to 460km. Through PEC, 110km of 220kV line/substation construction was under way for Cloudbreak and Christmas Creek. Early design/procurement covered about 60km to future wind farms, approximately 130MW of wind generation, the 190MW Cloudbreak solar farm, a 250MWh North Star Junction battery energy-storage system and a 120MWh Eliwana battery energy-storage system.
• The 100MW North Star Junction solar farm was commissioned in FY2025. Fortescue reported 180GWh generated and said it met 25% of Iron Bridge's current electricity needs. Construction started on the 190MW Cloudbreak solar farm; the cited early-FY2027 full-operation timing is anticipated timing, not a FY2025 commissioning result. The Board approved large-scale BESS investment at North Star Junction and Eliwana.
• Location-based Scope 1 and 2 emissions from Australian terrestrial iron-ore operations were 2.66MtCO2-e: 2.29Mt Scope 1 and 0.37Mt Scope 2. Fortescue attributed the year-on-year increase from 2.38MtCO2-e to its transition plan and said energy-efficiency initiatives limited the increase to 11.6%, about 5% below budgeted emissions. These are issuer explanations and measurements, not a conclusion about future emissions.
• The FY2025 report stated that voluntary Scope 1 and 2 offsets had ceased in 2023, with credits used only where legislatively required. It expected about 240,000tCO2-e above Safeguard Mechanism baselines in FY2025, and stated that Christmas Creek and Eliwana had received FY2024–FY2028 multi-year monitoring periods during FY2025.
• The current stated targets remained: eliminate Scope 1 and 2 emissions from Australian terrestrial Pilbara iron-ore operations by 2030; enable a 7.5% reduction in steelmaking emissions intensity by 2030 from the FY2021 baseline; enable a 50% reduction in shipping-emissions intensity by 2030 from the FY2021 baseline; and net-zero Scope 3 by 2040. The report labels these as targets.

Five-year operating transition register

Scope and reporting-perimeter changes

The FY2021 report called the green-energy and industry company Fortescue Future Industries (FFI). FY2022 presented Iron Ore and FFI as operating segments. In FY2023, the report described Fortescue Energy as comprising FFI, Fortescue Hydrogen Systems and Fortescue WAE. FY2024 and FY2025 reports use Fortescue Energy, Fortescue Zero, Green Metal and Fortescue Capital descriptions. These are reporting and organisational labels used in the source documents; they should not be assumed to represent the same accounting or project boundary in every year.

FY2021 — FFI establishment, studies, agreements and prototypes

• Fortescue established FFI in FY2021 as a 100%-owned renewable green-energy and industry company. The report recorded US$104m of administration expense and US$18m of capital expenditure for FFI in FY2021.
• The reported domestic technology/project list included CSIRO ammonia-to-hydrogen membrane technology; an A$32m Christmas Creek hydrogen-mobility project comprising refuelling and hydrogen passenger coaches; a combined green-hydrogen production/refuelling facility with ATCO; a Hyundai/CSIRO MOU; and a Bell Bay, Tasmania study for a 250MW green-hydrogen plant and 250,000tpa green-ammonia capacity. The report identifies the Bell Bay item as a feasibility study.
• International FY2021 FFI arrangements were a PNG deed of agreement for hydropower and green industry, an Indonesia deed giving FFI first priority for hydro/geothermal green-industry development studies, and a Kawasaki Heavy Industries/Iwatani MOU for an Australia–Japan liquid-hydrogen supply-chain business model. These were agreements/study rights, not disclosed operating plants.
• The FY2021 technology record also referred to >97% purity green iron and initial green-cement trials using green-iron waste. The report does not present those items as a commercial operating product line in that year.

FY2022 — expanded portfolio, acquisitions and technology work

• FFI was described as the wholly owned renewable green-energy and technology company supporting the stated decarbonisation strategy. Its FY2022 opportunity portfolio was stated as 120 development projects in 40 countries across wind, solar, hydropower and geothermal resources. A portfolio count is not evidence that every item had a construction, approval or operating status.
• In October 2021, FFI agreed with the Queensland Government to develop the Gladstone Green Energy Manufacturing (GEM) Centre. Stage 1 was specialist electrolyser production lines, with potential future expansion into wind turbines, solar PV cells, long-range electric cable, electrification systems and related infrastructure.
• In October 2021 FFI acquired 60% of Dutch HyET Group and financed most of the expansion of HyET Solar's Dutch solar-PV factory. The report also records MoUs with JCB/Ryze Hydrogen, Universal Hydrogen, Covestro, Airbus and E.ON; their stated subject matter was prospective hydrogen or derivative supply/use, not a disclosed delivery result.
• FFI and Incitec Pivot completed initial studies in December 2021 for conversion of Gibson Island ammonia production to green hydrogen. Advanced front-end engineering was under way for an on-site electrolyser plant described as capable of up to 50,000tpa of green hydrogen for green ammonia. The source document describes an engineering/study stage.
• Fortescue acquired WAE on 28 February 2022 for US$219m less US$9m cash acquired. WAE was described as a provider of high-performance battery/electrification technology and engineering, testing and manufacturing services. The March 2022 Infinity Train announcement described an intended regenerating battery-electric iron-ore train; the reported US$50m was study/development cost over the subsequent two years.
• The report also recorded acquisition of Ionix and a 20% interest in Sparc Hydrogen, and listed Green Pioneer, GEM and battery-electric locomotives among low-carbon developments. These transactions and developments should not be read as proof of commercial production.

FY2023 — project-stage register and new Energy components

• The FY2023 annual report described Fortescue Energy as FFI, Fortescue Hydrogen Systems and Fortescue WAE. Its stated objective was to bring up to five green-energy projects to final investment decision; the report identifies project stages but does not record FY2023 FIDs for the named projects below.
• Phoenix Hydrogen Hub, Arizona: Fortescue acquired a 100% interest for US$24m. Phase one was described as an 80MW electrolyser/liquefaction facility capable of up to 12,000 tonnes a year of liquefied green hydrogen. The record is an acquisition and project description.
• Gibson Island, Queensland: proposed 550MW green-hydrogen/green-ammonia facility with Incitec Pivot, at FEED stage.
• Nakuru County, Kenya: proposed up-to-300MW geothermal steam-to-fertiliser facility using Olkaria geothermal steam, at pre-feasibility. The report named the Kenyan Government as sole offtaker and recorded a March 2023 agreement to commence development.
• Holmaneset, Norway: proposed 300MW green-ammonia facility at pre-feasibility. A long-term conditional PPA with Statkraft and a second Bremanger power agreement were reported.
• Pecém, Brazil: proposed green-hydrogen/green-ammonia facility at Port of Pecém, Ceará, at pre-feasibility.
• Construction works at GEM had completed by FY2023 and automated production-line/testing-facility fit-out had begun. The stated initial electrolyser output capacity was 2GW, and the A$114m facility was targeted to open in early 2024. Fortescue also reported completion of a Perth R&D Technology Innovation Centre and opening of a Colorado Technology Innovation Centre.
• Fortescue WAE, acquired in FY2022 and moved into Energy reporting in FY2023, was working on batteries for mining and rail, a regenerating battery-electric iron-ore train and planned UK sites at Kidlington and Banbury. The FY2023 report says diesel-engine modification for green ammonia had been completed and that the 75m Green Pioneer was expected to conduct sea trials in the second half of calendar 2023—an expected trial, not a completed FY2023 sea trial.
• The report recorded China Baowu MOU activity on iron- and steelmaking emissions and development of a pilot installation to convert iron ore to green iron through low-temperature electrolysis, with several patent applications filed.

FY2024 — board approvals, construction and manufacturing opening

• The Christmas Creek Green Metal Project received Board approval in November 2023, with capital expenditure up to US$50m. The report described its intended use of green hydrogen, solar electricity, Fortescue ore and existing logistics, and anticipated more than 1,500tpa of green metal with first production expected in 2025. FY2024 test campaigns were reported to have improved plant stability, reduction efficiency, recovery and quantity produced; anticipated production timing remained forward-looking.
• Arizona Hydrogen: following a November 2023 final investment decision, site works began in FY2024. The stated design was an 80MW electrolyser/liquefaction facility, up to 11,000tpa liquid green hydrogen, capex up to US$550m and first production expected in 2026.
• PEM50, Gladstone: construction began on the two-phase 50MW project, reported with capex up to US$150m. The report described phase one as 30MW using Fortescue PEM electrolysers, with first production expected in 2025; phase two was an additional 20MW with commissioning targeted in 2028. These are construction and anticipated-timing statements.
• Holmaneset was Board-approved to fast-track to feasibility/front-end engineering; the reported concept was a 300MW green-ammonia facility with a potential EU Innovation Fund grant of up to €204m. Pecém was similarly fast-tracked to feasibility/front-end engineering; its annual-report description estimated 837 tonnes a day of green-hydrogen capacity. Neither statement reports an operating facility.
• Fortescue Zero formally opened the 2GW GEM Centre in FY2024. The report described it as a fully automated electrolyser-manufacturing facility and said contracts had been signed for first GEM-produced electrolyser sales. Fortescue Zero's listed offerings included high-performance batteries, high-voltage DC-DC converters, fast chargers and Elysia battery-intelligence software; it recorded a multi-year Elysia agreement with Jaguar Land Rover.
• The dual-fuel ammonia vessel Green Pioneer completed trials and was certified in Singapore port in the FY2024 reporting. Fortescue Capital was established in FY2024 as a New York-based green-energy investment accelerator, with a Board-approved business plan and work on third-party-capital relationships.

FY2025 — project pipeline review, discontinued items and current stated activities

• Fortescue Zero was described as the Group's technology/engineering business, with battery systems, autonomous-vehicle solutions and Elysia battery-intelligence software. The annual report describes Elysia functions including battery-safety warning, end-of-life notification and charging optimisation; it does not supply a consolidated FY2025 product-sales total in the evidence used here.
• The Christmas Creek Green Metal Project remained described as using hydrogen/electricity, Fortescue ore and existing logistics to make a lower-emission iron product. The report expected annual production above 1,500 tonnes from the existing Christmas Creek hydrogen facility and first production in 2026; those are company expectations, not a FY2025 commercial-output disclosure. The report stated that the technology was intended to work with hematite and magnetite.
• The dual-fuel Green Pioneer underwent a Port State Control inspection at Southampton. Fortescue said ammonia was used during stages of the Netherlands-to-south-of-France passage via Gibraltar, its first international sea passage using ammonia in the dual-fuel engines. This is a voyage/inspection event rather than a statement that the vessel or fuel is deployed across Fortescue's entire shipping fleet.
• Following a review of the global green-energy pipeline against market, policy and economics, Fortescue decided that Arizona Hydrogen in the United States and PEM50 in Gladstone would not proceed. This supersedes the FY2024 construction/FID descriptions; neither project should be shown as an operating or continuing construction project in the FY2025 status column.
• Fortescue said other pipeline projects would proceed only when commercially viable and market-ready. This is a stated gating criterion, not a timeline or investment conclusion.
• Fortescue Capital was described as a New York-headquartered investment manager and fiduciary of third-party capital for technology, decarbonisation and renewable-energy investments.

Five-year Energy / Green Metal status register

Belinga, Gabon — five-year chronology

• FY2021: the selected FY2021 annual report did not disclose Belinga/Gabon activity. This absence is not treated as a zero project balance or proof that no external work existed.
• FY2022: Fortescue entered an exclusivity agreement with Gabon in December 2021 relating to Belinga. The FY2022 annual report records the agreement as an early legal/project step; it does not report an Ore Reserve, Mineral Resource, construction completion or production in that year.
• FY2023: Belinga was described as Fortescue's first iron-ore project outside Australia. In February 2023, incorporated joint-venture company Ivindo Iron SA signed a Mining Convention with the Government of Gabon, governing legal, fiscal and regulatory regimes; the report said additional legislation was proposed for FY2024. First ore was transported by train to port in June 2023. Fortescue said it remained on track for first shipment by the end of calendar 2023—an FY2023 target, not a reported FY2023 shipment completion. Its indirect interest in Ivindo Iron SA was 72%. Studies for potential large-scale development designs continued.
• FY2024: Fortescue described Belinga as a potentially large, high-grade undeveloped hematite deposit. Drilling was dominated by diamond and reverse-circulation programmes; by 30 June 2024, the company reported more than 45,000m of RC and 7,000m of diamond drilling. Pilot production shipped first ore in FY2024, which Fortescue described as its first iron-ore export outside Australia. Ivindo Iron SA remained the operating entity and Fortescue reported a 72% interest. The report said drilling results continued to indicate potential scale/high grade and work focused on large-scale-development designs; these are company characterisations and study activity, not a disclosed JORC resource/reserve.
• FY2025: Fortescue stated that exploration had begun in 2022 and reported FY2025 diamond-core and RC drilling. At 30 June 2025 it reported more than 108,000m RC and 12,000m diamond core drilled. It said results continued to indicate potential scale and grade and that the work focus was further exploration/studies for possible large-scale development designs. Ivindo Iron SA and Fortescue's 72% interest were again reported. The selected FY2025 annual report does not provide a Belinga Mineral Resource or Ore Reserve table; none is implied here.

Other named international exploration jurisdictions — annual-report status record

Australian and international critical-minerals record relevant to the international portfolio

• FY2021 Australian copper-gold work included Paterson and Rudall geophysics in Western Australia and planned follow-up drilling at Arcoona, South Australia. FY2022 reported Paterson target generation, mapping, soil sampling and geophysical surveys; it also reported drilling in Argentina and Kazakhstan and exploration across Peru, Chile, Brazil and Ecuador.
• FY2023 international drilling programmes were reported in Argentina, Chile, Brazil and Kazakhstan. Fortescue described copper-gold prospective tenements in Argentina, critical-mineral tenements in Brazil, Chile and Peru, copper targets progressing to drilling in Kazakhstan, and lithium opportunities in Portugal. It reported a 25.4% stake in Alta Copper and support for advancement of the Cañariaco project in Peru.
• FY2024 work focused on copper, rare earths and lithium. The annual report records a farm-in/JV with Magmatic Resources for Myall, through which Fortescue acquired 19.9% of Magmatic; South American work included drilling in Argentina and Chile, Peru opportunities and a completed rare-earth drilling programme in Brazil. Australia, Canada and Portugal were named as broader exploration locations.
• FY2025 stated critical-minerals focus was copper with rare-earth exposure. It reported active drilling in Argentina, Kazakhstan and Australia, with wider work in Latin America, Australia and Canada. Exploration and studies capital expenditure was US$321m. These facts do not provide a resource/reserve estimate for the named critical-minerals locations.

Status and evidence limits

• A jurisdiction being named in a Fortescue annual report is recorded here as a disclosure occurrence, not as proof of an operating mine, approved development, resource estimate, retained tenure after FY2025 or commercial outcome.
• Belinga's drilling metres, train/port events, pilot shipment and reported ownership are distinct evidence types. The selected reports do not permit them to be converted into a resource tonnage, reserve, plant capacity or project valuation.
• The report identifies study, pre-feasibility, FEED, agreement, acquisition, construction, commissioning and discontinuation stages separately in the preceding records. Where a later report does not restate an item, the table says that it was not located in the selected annual-report ledger rather than treating it as cancellation or completion.

Reading boundary

This section records what Fortescue disclosed in the FY2021–FY2025 annual reports. Safety rates are not necessarily on the same perimeter: FY2021 expressly excludes FFI from the OFR safety metric, FY2024 separately reports a Fortescue Energy rate, and the later reports use the reporting boundaries stated below. A company target, policy, programme, or material-topic list is not presented as an achieved outcome. Where the selected annual-report ledger does not provide a metric or a year-on-year basis, that gap is retained rather than filled with an estimate.

Five-year safety and workforce record

The succession of TRIFR values is a reported indicator series, not a substitute for the disclosed fatality/event record: the FY2022 Solomon Hub fatality remains a separate reported event, and the annual-report perimeters above must be retained when comparing values.

First Nations, heritage, community and human-rights record

FY2021 reporting structure. Fortescue’s FY2021 materiality assessment listed Aboriginal heritage; Aboriginal employment and business; communities; and human rights among its identified material issues. The report placed Board sustainability oversight with the Audit, Risk Management and Sustainability Committee (ARMSC), with the CEO/Director Sustainability and Corporate Affairs and an executive Sustainability Committee holding stated operational roles. This establishes the governance framing of the disclosure; it is not itself a quantified heritage or community outcome.

FY2022 performance dashboard and programmes. The FY2022 sustainability dashboard recorded zero significant heritage incidents, 5% spend with Aboriginal businesses and 5% spend with Pilbara suppliers, alongside the Aboriginal employment/business target measures shown in that dashboard. The same reporting family records the cumulative VTEC outcome above. The report did not permit this record to assume that all FY2022 procurement or employment is covered by the named programmes.

FY2023 community and policy items. The FY2023 report states that Fortescue’s Billion Opportunities programme had awarded more than A$4.6bn in contracts to First Nations businesses since its establishment in 2011. This is cumulative from programme commencement, not a single-year FY2023 award figure. It also records ARMSC endorsement of a revised Environment Policy, a Free, Prior and Informed Consent (FPIC) Position Statement and a revised Human Rights Policy. Social/community investment was A$101.8m in FY2023, compared with A$77.4m in FY2022 in the report’s comparison. These figures are reported investment amounts and do not measure project-level community outcomes.

FY2024 workforce, procurement and social-investment disclosures. First Nations employment was reported as 11% of the Australian workforce, 15% of Pilbara operations and 5% of leadership roles. Spend with First Nations Australian businesses was reported as 7%, compared with 5% for FY2023. Social investment was presented as $86.7m (FY2023: $101.8m; FY2022: $77.4m); the annual-report table available to this report did not specify the currency in that display, so the currency is not inferred here. Fortescue also reported becoming a full member of the Voluntary Principles Initiative in May 2024 and 639 employees completing advanced anti-bribery and corruption training.

FY2025 boundary. The FY2025 record identifies community and First Nations heritage impacts among the company’s material-risk categories, and reports the FY2025 First Nations workforce/Pilbara-role percentages in the table above. A material-risk disclosure is a description of a risk category, not a statement that a heritage or community-impact event occurred in FY2025.

Environment, water, biodiversity, waste, closure and rehabilitation

Tailings were a named FY2021 material issue. The retained five-year ledgers used for this section do not provide a quantitative tailings-performance series. The absence of a number in this record must not be read as zero tailings risk, zero tailings facilities, or an unreported performance conclusion.

Climate: annual results, targets, methodology and boundary changes

The FY2021–FY2025 emissions rows are not a mechanically homogeneous trendline. The FY2023 operational-control boundary expressly included marine assets, whereas FY2024 and FY2025 values cited here are titled Australian terrestrial iron-ore operations. FY2025 shipping comparisons also use a restated FY2021 baseline. These reporting-boundary and baseline qualifications remain attached to the data.

Climate scenarios, governance and implementation dependencies

Fortescue’s FY2025 report says its internal corporate model uses carbon-cost scenarios in investment and life-of-mine planning. The disclosed close assumptions were A$47/t in FY2026 rising to A$89/t in FY2032, sourced from third-party RepuTex forecasts and updated quarterly. These are internal modelling assumptions, not MII price forecasts or a forecast of realised carbon cost.

The FY2025 report identifies policy and regulatory certainty, approvals, social licence, technology scale-up, contractors, supply chain, carbon pricing/incentives, grid infrastructure and access to water/renewable energy as dependencies. FY2024 separately states that technology adaptation/development and technology/supply-chain availability and maturity were material implementation issues. They are disclosed dependencies and risks, not statements that any one dependency caused a future outcome.

Board and management oversight changed across the period. FY2021 described ARMSC Board oversight and executive Sustainability Committee meetings at least quarterly. FY2023 reports ARMSC endorsement of the revised Environment Policy, FPIC Position Statement and revised Human Rights Policy. FY2024 reports a double-materiality assessment and, effective 1 July 2024, a committee structure of Audit, Finance and Risk Management; People, Remuneration and Nomination; and Safety and Sustainability. The FY2025 record cites the Fortescue Risk Management Framework as the Board-and-management framework for assessing material risks.

Principal risks: disclosure register, not event register

The annual reports identified, at different dates and with changing specificity, the following risk families: policy/regulation, technology viability, product demand and reputation; acute weather/heat/bushfire and chronic sea-level, storm-surge or precipitation changes; commodity-price, currency, interest-rate and funding exposure; supply/cost pressure; project execution; unplanned disruption; reserve/resource uncertainty; counterparty performance; cyber/technology; workforce capacity; legal/regulatory compliance; and community/First Nations heritage impacts.

FY2022 specifically identified Iron Bridge cost pressure, global supply-chain constraints, COVID-19-related challenges, labour availability and specialist-skills access in the project discussion. FY2024 additionally recorded risk/disclosure context around Iron Bridge raw-water-pipeline ramp-up, external inflation and labour costs, a higher strip ratio, recovery from an early-Q3 derailment, market/product-mix factors, Belinga study/exploration uncertainty and accounting judgement on Iron Bridge recoverable amount. These are presented as report-disclosed risks, constraints, dependencies or accounting matters. Only facts explicitly described by the company as occurring—for example the FY2024 raw-water-pipeline ramp-up issue—are identified as an operating fact; the surrounding risk list is not recast as a series of losses or incidents.

Remuneration, ownership and governance boundary

The FY2021 report states that Fortescue reported against the ASX Corporate Governance Council’s fourth-edition principles unless otherwise disclosed, and states governance principles of transparency, integrity, empowerment, corporate accountability and stewardship. FY2022 and FY2023 repeat support for that fourth-edition framework in the cited governance disclosures.

The FY2023 annual report disclosed directors’ interests including 1,131,365,000 ordinary shares for Dr Andrew Forrest AO at 30 June 2023. This is an issuer disclosure of a director’s interest; it is included to preserve the reporting boundary, not to imply control, value or an investment conclusion.

The FY2024 report directed detailed remuneration and strategic-performance information to the Directors’/Remuneration Report. Its specific annual-report performance record stated that Iron Bridge’s ramp-up to the budgeted outcome had not been achieved because of raw-water-pipeline performance, with a water-banking strategy and work on additional West Canning Basin water-abstraction licensing described by the company. This is a disclosed operating/project-performance item, not a remuneration assessment by MII.

Accounting, audit and restatement boundaries

• Segment / reporting change. In FY2023 Fortescue described two divisions, Metals and Energy. Fortescue WAE, previously reported within Metals, was included in Energy; FY2022 segment comparatives were restated to match that structure. Group cash, debt and tax were managed at Group level and reported as Corporate rather than an operating segment. Segment figures before and after this presentation change must not be treated as an unchanged series.
• Iron Bridge ownership and basis. The reports identify a 69% Fortescue interest in the Iron Bridge unincorporated joint venture. Where annual-report operating, resource/reserve or financial figures use 100% basis or Fortescue share, that stated basis is retained rather than silently converted.
• Iron Bridge impairment. FY2023 recognised a US$1,037m pre-tax (US$726m post-tax) Iron Bridge impairment. The FY24 report presents that FY23 result as a comparative. In FY2024, no Iron Bridge CGU impairment indicators were identified. In FY2025, management identified impairment indicators, performed an assessment and recognised no impairment expense. These are year-specific accounting outcomes; a later no-impairment result does not reverse or erase the FY2023 charge.
• Critical estimates and audit matters. The FY2024 financial statements identify material judgement in the Iron Bridge CGU recoverable-amount assessment, including iron-ore price, FX, discount rate, recoverable resources, production, costs and capital. FY2025’s independent auditor treated Iron Bridge CGU impairment and restoration/rehabilitation obligations as key audit matters. The recoverable-amount assessment used FVLCD discounted cash flows and depends on judgemental inputs; rehabilitation provisions depend on estimated work scope, costs, inflation, discount rates and timing. These disclosures describe accounting estimates and audit focus, not MII valuation.
• Resource / accounting caveat. The FY2025 report says resource and reserve figures require geological, technical and economic assumptions, and changes in production/sales volumes, prices, costs, rehabilitation, capital, climate-related risks and useful lives may affect asset recoverability. This is an accounting and estimation caveat; it is not a forecast of impairment or resource change.

Primary sources

• Fortescue FY21 Annual Report and Appendix 4E
• Fortescue FY22 Annual Report and Appendix 4E
• Fortescue FY23 Annual Report
• Fortescue FY24 Annual Report
• Fortescue FY25 Annual Report and Appendix 4E

The official Fortescue Results and operational performance page is the Investor Centre index for these reports. Section-end document/FY/page references in Sections 1–15 remain the fact-location record.

AI-led methodology

Artificial intelligence tools were actively and extensively used and led substantial parts of evidence extraction, comparison, organisation, calculation, drafting, translation and presentation. Material claims were reviewed against the cited public sources before publication, but errors, omissions, inconsistencies or misinterpretations may remain because of limitations in AI systems, source materials and review scope.

Any AI-generated visual used with this record must carry an adjacent, visible label or caption identifying it as AI-generated. A visual is illustrative only and is not source evidence, a scale drawing, a geological model, a production chart or a substitute for the cited annual-report tables. The material-claim review described above is a reasonable editorial review against the cited public sources; it is not an audit, assurance engagement or independent verification.

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