Australia’s Fortescue announces joint venture with Morocco’s OCP for green energy development

Australian mining company Fortescue has announced a joint venture with Moroccan fertilizer giant OCP Group, aiming to supply green hydrogen, ammonia, and fertilizers to Morocco, Europe, and global markets. This collaboration underlines the iron ore miner’s ambition to establish itself as a global green energy leader. The joint venture entails equal participation from Fortescue and OCP and could potentially lead to the development of manufacturing facilities and a research hub in Marrakech.

"The partners' objective is to supply green hydrogen and ammonia for use both as sources of green energy and in the manufacture of carbon-neutral and customized fertilizers," Fortescue said. The partners have also proposed pooling corporate venture capital funds to drive investments in crucial technological advancements related to green energy production in Morocco. The establishment of the joint venture is contingent upon meeting closing conditions and obtaining regulatory approvals, Fortescue added.

In 2023, as the world's fourth-largest iron ore miner, Fortescue approved an estimated investment of approximately $750 million over the next three years for two green energy projects and one green steel project.