Andrew and Nicola Forrest have lined up a massive payday after Fortescue boosted its dividend on the back of increased Pilbara iron ore earnings.
Fortescue’s half-year net profit jumped 23 per cent from $US1.6 billion to $US1.9b ($2.7b) to underpin a rise in the interim dividend from 50¢ to 62¢.
The separated Andrew and Nicola will share in a dividend of about $690m for their major stake in the mining giant.
Higher profits were driven by record shipments of more than 100 million tonnes of iron ore from its Pilbara mining machine and a lower spend on international green energy projects.
Fortescue’s green energy focus has shifted away from standalone green energy production sites scattered across the globe to decarbonising its core iron ore mining operations.
“It’s been a standout first half of the financial year. We delivered record shipments of 100.2 million tonnes while keeping our people safe and costs low,“ Fortescue chief executive Dino Otranto said.
“We have the lowest operating cost in the industry, and decarbonisation is pushing that even lower. By removing diesel across our operations, we’re structurally improving our cost position.”
More to come
