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Bloomberg reported that iron ore billionaire Andrew Forrest is looking to invest in renewable energy instead of iron amid concerns over demand for the base metal from China.
Bloomberg reported that iron ore billionaire Andrew Forrest, CEO of Fortescue Metals (ASX:FMG), is looking to invest in renewable energy instead of iron amid concerns over demand for the base metal from China.
As quoted in the publication:
“We are incredibly interested in lithium, graphite, copper. We are incredibly interested in renewables, in the recycling of nuclear waste,” Forrest, the founder and chairman of Fortescue Metals Group, told Bloomberg Television in an interview at the Boao Forum for Asia in Sanya, China. “But will we charge off in there without incredibly serious thought? No.”
Fortescue, the world’s fourth-biggest iron ore producer, is considering diversification as China’s decades-long infrastructure investment boom fades, cutting prices for the raw material that’s its only source of revenue. Lithium and graphite are minerals used in batteries for electric cars, while renewables include solar, wind and tidal power generation.