Fortescue has come a long way since it was founded in Western Australia’s Pilbara region in 2003. Beginning as an iron-ore miner and supplier, the company is now an industry leader in industrial decarbonisation.
Fortescue employs around 15,000 people globally and is a leading Australian Securities Exchange-listed company, recognised for its strong financial performance and consistent delivery of shareholder returns.
The group has grown to become the world’s fourth largest iron-ore producer, exporting close to 200 million tonnes annually.
Fortescue Chief Financial Officer, Apple Paget, says China has been central to the company’s growth story.
“For more than two decades we’ve built trusted, enduring partnerships with Chinese enterprises – not just as our largest customer base, but as key collaborators in innovation, supply chain development, decarbonisation and funding,” she says.
“From our first shipment 18 years ago, China has been an important market for Fortescue. As the industry continues to evolve, we see exciting opportunities for collaboration with China on the energy transition.”
The decarbonisation of heavy industry
While Fortescue’s Pilbara iron ore operations remain a core part of its business, they are no longer the whole story.
Paget says Fortescue has made a deliberate strategic shift to focus on technology and renewable energy, with the ambition of accelerating the decarbonisation of hard-to-abate industries.
“We’re investing heavily in electrification, renewable power and large‑scale energy storage across our Pilbara operations, building what we describe as the world’s first fully integrated, off‑grid green energy network for heavy industry,” she says.
Fortescue’s decarbonisation plans extend beyond Australia.
“Beyond iron ore, we’re working closely with Chinese partners on decarbonisation technologies,” Paget says.
“China leads the world in industrial scale and manufacturing innovation. Fortescue is tapping into that expertise and scale to bring forward the solutions we need to decarbonise heavy industry.”
This includes expanding procurement partnerships with Chinese suppliers to accelerate innovation, reduce costs and shorten delivery timelines, according to Paget.
Partnering for progress
As Fortescue invests heavily in decarbonisation, its relationship with ANZ is increasingly focused on supporting renewable energy, electrification and lower-emissions technologies across its operations.
In August 2025, Fortescue completed a landmark RMB14.2 billion (around $US2 billion) syndicated term loan - the first RMB‑denominated syndicated facility ever executed by an Australian corporate.
Paget says the proceeds could, in part, further support Fortescue’s decarbonisation goals.
“The RMB syndicated term loan is an example of how we are deepening our integration with Chinese capital markets, strengthening our relationships, and positioning ourselves for the next phase of growth, she says.”
“We value the insights and connectivity ANZ brings, as well as their new products and financing structures that support our evolving supply chain and decarbonisation objectives.”
The recent Boao Forum for Asia annual conference 2026 provided an important platform for ANZ and Fortescue to engage with regional policymakers, business and industry leaders. Discussions focused on decarbonisation, energy transition and the future of trade in Asia.
ANZ was the only bank in attendance, highlighting the company’s unique role in supporting critical regional conversations alongside key partners including Fortescue.
“The forum saw meaningful dialogue on how capital, policy and industry can work more closely to support decarbonisation and long‑term economic resilience in Asia,” Paget says.
Since 2017 ANZ has worked alongside Fortescue on innovative guarantee and asset finance programs that have unlocked more than $A150 million in funding for First Nations businesses participating in Fortescue’s supply chain.
Together, ANZ and Fortescue hope to build on decades of partnership to strengthen economic inclusion in regional Australia and accelerate the transition to a lower‑carbon economy.
John Stapleton is Director, Corporate Finance & Linus Wang is Director Multi-National Corporations, China at ANZ Institutional
