{"id":81748,"date":"2024-01-18T05:18:53","date_gmt":"2024-01-18T05:18:53","guid":{"rendered":"https:\/\/globalroadtechnology.com\/\/?p=81748"},"modified":"2024-01-19T00:14:45","modified_gmt":"2024-01-19T00:14:45","slug":"fortescues-us-expansion-plans","status":"publish","type":"post","link":"https:\/\/globalroadtechnology.com\/fortescues-us-expansion-plans\/","title":{"rendered":"Twiggy: Trump Won\u2019t Derail Fortescue\u2019s US Expansion Plans"},"content":{"rendered":"

Attending the World Economic Forum this week alongside the world’s financial elites, Andrew Forrest has opened up on the realities of a potential second Trump presidency. <\/span>And it’s not what you think.<\/span><\/p>\n

Forrest and Fortescue have their sights set on big business in the States, leveraging Joe Boden\u2019s Inflation Reduction Act (IRA), which has earmarked US$369 billion for energy-related projects. <\/span>While Mr Trump has talked up his opposition to the IRA, suggesting that he would \u2018gut\u2019 the program should he succeed in gaining a second term as president, Mr Forrest has other ideas.<\/span><\/p>\n

Fortescue hopes to launch multi-million dollar battery-making and asset management operations in the US and thinks that Mr Trump will be hard-pressed to overlook the economic growth stemming from the IRA. <\/span>\u201cThere\u2019s just no other economic engine out there with a fraction of the IRA\u2019s power,\u201d Mr Forrest said, speaking to the Australian Financial Review. <\/span>\u201c<\/span><\/p>\n

Trump will say what is required to get himself in office. In office, there is not a snowflake\u2019s chance in hell he will self-harm.\u201d <\/span>Mr Forrest reiterated that he had met Mr Trump several times, had no problems with him, and was focused on working with countries rather than their elected officials.<\/span><\/p>\n

\u201cI\u2019m not going to brown-nose anyone. And whoever that country puts up to be their representative is fine by us,\u201d he added. <\/span>\u201cSo, whatever administration it is, we\u2019re going to deal with them.\u201d<\/span><\/p>\n

Diving Nickel Prices Put Miners Under Pressure<\/span><\/h2>\n

As global nickel prices dwindle, Australian miners, including majors like BHP and First Quantum Minerals (FQM), are feeling the pinch.\u00a0<\/span>After peaking at around US$30,000 per tonne in January of 2023, the nickel price travelled on a long southerly route to end up at US$16,000 p\/t in January 2024, approaching a 50% discount.<\/span><\/p>\n

This significant price drop has, in turn, placed considerable pressure on Australia\u2019s largest nickel miners. <\/span>FQM has recently had to pause operations at its Revensthorpe nickel mine in Western Australia, laying off about 30% of its workforce.<\/span><\/p>\n

According to Ravensthorpe nickel operation general manager Scott Whitehead, the company will lean on its stockpiles and transition to a \u201cnew operating model\u201d as part of its three-year plan. <\/span>\u201cTransitioning to a new operating model will allow us to continue to produce and export our nickel product, which is a critical mineral with a lower carbon footprint than other suppliers,\u201d he said.\u00a0<\/span>BHP has also flagged the nickel industry as undergoing \u201cstructural changes\u201d as sharp price drops force the company to \u201coptimise its operations\u201d.\u00a0<\/span><\/p>\n

\u201cThe nickel industry is at a cyclical low in realised pricing. Nickel West is not immune to these challenges,\u201d the company said. <\/span>\u201cGiven the market conditions, a carrying value assessment of the group\u2019s nickel assets is ongoing.\u201d<\/span><\/p>\n

Australian Miners Must Build \u2019Trust\u2019 in 2024<\/span><\/h2>\n

As Australia\u2019s leading miners and industry experts weigh in on the coming year, one theme is consistent: the need to build trust. <\/span>Mining contributes more than 13% to the country\u2019s economy alone, and pressure is mounting for the industry to embrace the times and a clean energy future.\u00a0<\/span><\/p>\n

Insiders say that despite making headway, investors and the public still have trust issues and hold a negative connotation with the mining industry.\u00a0<\/span>Worley\u2019s Global Sector Lead, Nick Bell, also sees turbulence ahead in rapidly escalating capital costs, skills shortages, extended project schedules, and subdued commodity prices.<\/span><\/p>\n

\u201c2024 will be a year of reinvention for many miners as they diversify into critical minerals,\u201d he said.<\/span><\/p>\n

\u201cThe decisions they make over the next 12 months will affect their trajectory and whether projected supply-demand imbalances narrow or widen over time.\u201d<\/span><\/p>\n

Mr Bell warned that, as an industry, miners have yet to win \u201cthe hearts and minds\u201d of the public and stakeholders.\u00a0<\/span><\/p>\n

\u201c2024 is an important year to address this; I see mining entering a critical phase where retaining trust in the business case of mining projects will be challenging,\u201d he added.\u00a0<\/span><\/p>\n

 <\/p>\n

Dust suppression is a critical issue in the world of mining and resources.<\/strong><\/p>\n

Learn more about GRT\u2019s industry-leading and IoT-connected\u00a0SMART Dosing Units<\/a>, and discover how we\u2019re driving better dust suppression solutions for all!<\/strong><\/p>\n

If you\u2019d like to talk with an expert, simply\u00a0contact us<\/a>!<\/strong><\/p>\n

Your feedback is important to us.\u00a0<\/strong><\/p>\n

If you enjoyed reading this Global Road Technology industry update and found it informative, please let us know by leaving a\u00a0REVIEW<\/a>.<\/strong><\/p>\n

 <\/p>\n

References:<\/span><\/p>\n

https:\/\/www.afr.com\/world\/north-america\/trump-presidency-won-t-derail-business-forrest-says-20240117-p5exv8<\/span><\/a><\/p>\n

https:\/\/editorial.glacierrig.com\/wp-content\/uploads\/2024\/01\/First-Quantum-Statement.pdf<\/span><\/a><\/p>\n

https:\/\/www.bhp.com\/news\/media-centre\/releases\/2024\/01\/bhp-operational-review-for-the-half-year-ended-31-december-2023<\/span><\/a><\/p>\n

https:\/\/www.worley.com\/en\/insights\/our-thinking\/resources\/what-trends-will-define-the-mining-industry-in-2024#:~:text=%E2%80%9C2024%20will%20be%20a%20year,narrow%20or%20widen%20over%20time.%E2%80%9D<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Attending the World Economic Forum this week alongside the world’s financial elites, Andrew Forrest has opened up on the realities […]<\/p>\n","protected":false},"author":5,"featured_media":78432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[],"class_list":["post-81748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-articles"],"yoast_head":"\nFortescue's US Expansion Plans Amidst Trump's Presidency<\/title>\n<meta name=\"description\" content=\"Fortescue's US Expansion Plans, and a potential Trump opposition can mean challenges or economic opportunities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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