By Rhiannon Hoyle

Fortescue Metals Group has approved two clean energy projects and another aimed at producing iron using renewable energy, with the planned investments totaling roughly $750 million over the next three years.

Directors of Fortescue's board approved investment in the Phoenix Hydrogen Hub in the U.S., the Gladstone PEM50 Project in Australia's Queensland state and a so-called green iron trial plant in Western Australia, the company said Tuesday.

Fortescue, one of the world's biggest producers of iron ore, said it now expects capital expenditure of $500 million for its energy unit this fiscal year, up from a prior estimate of $400 million. The capital expenditure estimate for its metals business is unchanged.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

November 20, 2023 19:05 ET (00:05 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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