Fortescue Ltd

Good morning, everyone, and welcome to Fortescue's FY22 results presentation. Joining me today in Perth is Elizabeth Gaines, Chief Executive of Fortescue. Elizabeth, you could not have been a more effective, gracious leader. You've crossed between, in my view, a Queen Boudicca and a Mother Teresa whenever required, and a result throughout COVID-19 strength of new projects and great operations bear that testimony. You've been wise, humble, sharp as a tack, always living our values, teaching them wherever you've gone. Alongside us is Ian Wells, Fortescue's Chief Financial Officer. I'm delighted that we're also joined by Fortescue Future Industries' Chief Executive Officer, Mark Hutchison. I have excused Guy DeBell. He had a minor biking accident accident on the weekend, will be back on his pins shortly, and his role will be covered by all of us, and particularly by Hutch, our CEO of FFI. Whether you're participating via phone or webcast, thank you for joining us. Those who've joined us via webcast, you'll be able to follow along with the slides, and those who've dialed in separately, a copy of our FY22 results presentation is available on our website. That brings me to our full year results. They build on the record operation performance we released to the market only a few weeks ago. And today's announcement is just truly a testament to the hard work, dedication of the entire Fortescue team, guided as we are by our unique values and culture, just as relevant today as they were when Fortescue was established. As you know, we merged just 19 years ago at David amongst the Pilbara and global iron ore galleys. Tiny though fast, sure, agile and innovative, we had no ground, hardly any capital, and certainly no way of getting anything we did find to market. Understandably, the task was written off as impossible. You can be forgiven for thinking the same about now. Fortistry will once again be the catalyst for change. As we are now, back then, we were humble, frugal, empowered, enthusiastic and just a little courageous, with determination as steely as our product. We will never give up. These values guided us to become one of the largest iron ore producers and certainly the most efficient in the world. To bear that out, this year Fortescue shipped a record of 189 million tonnes of iron ore, despite the immense headwinds posed by COVID and rising inflation. This coming year, we're aiming to break further records with guidance for shipments of 187 to 192 million tonnes. Iron Bridge will come online, capable of delivering 22 million tonnes of high-grade 67% iron concentrate, and despite funding this massive new asset, our balance sheet has remained very strong. These records and the prospect of even greater performance is exciting, but to me, knowing our Fortescue family so well, and our tremendous capability, I'm actually not surprised. What did surprise me is how this great team, revolving around our values, embraced so rapidly with heartfelt commitment the massive challenge of transforming our company to green, to be the first major heavy industry company in the world to do so. Having travelled all over the world, several times prior to and during the formal establishment of FFI, I can assure you this group, with their courage, determination, enthusiasm and innovation, is without peer. It is often said that when you come to a fork in the road, take it. And over the long term, the cost of not doing so, of indecision, of dithering, can be very costly. We extend this with the great poet Robert Frost. who remembered his most important days, his greatest memories, as when he took the road less travelled. We're unashamedly unafraid of being decisive and consistently taking the road less travelled. So today we have two choices. First, we can turn a blind eye to the rapidly changing global business and regulatory climate, and of course, to climate change itself. Evidence of that change you see deleteriously now all over the world. Or we can transition, as we all believe we must, into a global green metals, minerals, energy technology and development company capable of delivering not only green iron ore, but also all of the minerals critical to the green energy transition. Fortescue can and will lead the green energy revolution. And once again, set record-breaking industry benchmarks in everything we do.

We have already begun.

As I return to Chief Executive Chairman role, I'm equally excited to welcome former President and CEO of General Electric Europe and previously GE China, Mark Hutchison, with former Reserve Bank of Australia Deputy Governor, Dr Guy DeBell. to FFI's strong leadership team. We're bringing global leaders with a proven track record in managing large-scale, complex global organisations and projects, which goes to the heart of our vision for Fortescue, bound together as we are by our common values and philosophy. Our operations do and will require green energy, and every time we produce green energy globally, we will need green metals. This is a symbiotic transition into becoming one global green metals, green energy, green technology and development company with clearly some of our major advantages is the clarity and line of sight that FFI provides into the future macro global demand trends for not only green energy, but also green metals and minerals. FFI's web of country and regional leaders established when hardly anyone else was traveling during the entire reign of COVID on our planet, has not only identified very serious opportunities in energy, but also minerals, as you can see with Gabon, with Belinda. The FFI team, global team, feeds trends and analysis for all metals, minerals, and energy demand worldwide to the entire group. Our family value continues under this philosophy and binds us together. We are Fortescue. We will harness our We Are Fortescue delivery models across our growing overseas portfolio for both green, energy and metals. A philosophy, a set of values that whether projects are big or small, Australian or global, they work. We'll supply each other, we'll supply the world, literally becoming a powerhouse in where the world's greatest need is, to go green, to supply the energy and supply the metals. And of course, leading by this example, sharing our green fuels and innovative green technology with the world, we will drive the elimination of global emissions that threaten all nature and all humanity. In this process, we'll generate substantial value for all shareholders. And team, as we move into FY23, we have one combined mission, to commercially destroy global warming while creating an even stronger global business. Handing over to you, Elizabeth.