Australia’s Fortescue unit enters deal to assess hydro projects

A unit of Fortescue Metals Group would work with the Papua New Guinea (PNG) government to assess the feasibility of potential projects to develop hydro-power resources.

The deal between Fortescue Future Industries, the PNG government and PNG’s wholly owned corporation Kumul Consolidated Holdings will support green industrial operations for both domestic consumption and exports. According to Fortescue, individual projects would be developed subject to completion of feasibility studies and approvals, with ownership and project finance sources to be separately secured.

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