Fortescue Metals Group

If it fell to $0.60, fine, you'd get a bit of a boost to the export dollars.

But if we're hanging in at $0.70, plus or minus, if we get to $80 a tonne, $70 a tonne, You know, that starts to put a dent in BHP, Fortescue, and even the privately ones, you know, Gina Reinhart's businesses.

It puts a dent in national income.

And they pay less tax.

This is the last week of At Close of Business as we prepare to shift our focus to the expanded Mark My Words podcast with new episodes going live every Friday.

Now, making news on Wednesday, Fortescue Chair Andrew Forrest has pushed for more energy generation in Australia so the country can stop relying on fruitcakes overseas in a speech seemingly targeting certain world leaders.

Speaking to shareholders at the AGM on Wednesday, Mr Forrest said decreasing the cost of electricity was the key to moving away from oil and gas and for the hydrogen market to be more competitive.

Expectations have swung firmly in favour of a Melbourne Cup Day rate rise after annual inflation jumped to 4.3% in September.

On top of that, we have a few RBA speakers, including Michelle Bullock at 11.15am. They're appearing before a committee in a video conference.

We have a couple of AGMs as well from Data 3, Vicinity Centres, Fortescue and Dexys.

And a few quarterlies out tomorrow too, including Pilbara Minerals, Boss Energy, Woolworths, Iluka Resources and Vulcan Energy.

So a huge day ahead.

Yeah.

And you signed up Fortescue there.

Yeah, we did.

Yeah, we did sign

We had a couple of dinners throughout that week.

But, mate, the people in that room and the passion and everyone's on the same journey, it was just, Yeah, it was a really good time to reflect on how far we've come.

We've come from Fortescue sending three or four people over to the factory back in 2023, 2024, to having like 45 people working on the project was just,

mate.

It was both mining and oil and gas.

So we moved to Perth and I started in Fortescue Metals as a contracts manager there for their operation at Christmas Creek, kicking that off the ground with the construction site, getting that going.

And then I moved to oil and gas for General Electric during subsidy equipment.

And then I was in Perth for a little bit, moved back to the U.S. for a couple years with that company.

131873, the ASX 200 closing up 15 points today, 8,810 points.

The star performers... really looked like the energy stocks and the miners, BHP up by 1%, closing at $55.60. Fortescue up 2.2%, $14.58. That's on the back of some speculation in China that there's going to be a stimulus package announced by the government there, which may well then benefit.

Our big miners here.

Now, with oil, oil's pulled back a little bit from six-month highs of a couple of days ago.

Bottom line, I would love to see the federal government use the safeguard mechanism reform to extend the safeguard mechanism into the electricity sector.

We'll come on to the importance of that in the main story, but then also reform the fuel tax credit so we can have BHP, Rio, Hancock, Glencore, yang coal all investing in the solutions the way Fortescue is doing and Fortescue's accelerating their deployments of wind of solar of battery electric mining equipment and the fast charges and so uh we need to see the other majors following suit or policies by the federal government, by the WA government to incentivise BHP and Rio to act in Australia's national interest rather than in terms of their short-term myopic profitability.

And I see you have a low light that's also fossil fuel related.

We've got a double whammy this week.