or switch them to silent mode. Thank you. We've come a long way since starting in the Pilbara more than 20 years ago. Now, Fortescue is focused on being- A truly global green metals green Energy- Green technology company. We're delivering products and solutions to decarbonize not just our operations, but the world. By 2030, all our Australian mines will stop using fossil fuels. We are doing Real Zero. That means Real Zero. Not Net Zero. And we're showing you can cut emissions while making even bigger profits. At Fortescue, we have made a business out of generating new ideas. New ideas. Pushing boundaries, challenging ourselves, and empowering each other. That's how we've become the world's lowest cost iron ore producer. Driven by a unique culture and values. We are breaking records. Consistently delivering for our shareholders.
Working hand in hand with Indigenous community to create sustainable long-term careers. Creating economic opportunity for local businesses and investing in the future. Living up to our reputation as the most trusted brand- In the industry. All of this- While we keep safety integrity as a part of- Everything we do. We are a big performer- We are also a big emitter. We don't shy away from that. We've got the best minds in the world working on the solutions: designing, testing, and manufacturing new technologies. A pipeline of green energy projects from South and North America- To Africa, to Asia, Australia- Europe, and beyond. We are moving fast and moving fast. We want others to join us. Together, we can do it. We- We- We are Fortescue.
Good morning, ladies and gentlemen. My name is Shelley Robertson, and I'm the Chief Corporate Officer of Fortescue Metals Group Limited. It is my absolute honor to welcome you to the 2023 Annual General Meeting of Shareholders. The format of today's meeting will be presentations from your Executive Chairman, Dr. Andrew Forrest AO, Chief Executive Officer, Fortescue Energy, Mark Hutchinson, and Chief Executive Officer, Fortescue Metals, Dino Otranto. Presentations will be followed by the formal business of the meeting. At the conclusion of the meeting, we invite you to join us for some light refreshments. Before we commence today's formalities, I would like to acknowledge the traditional custodians of this land on which we are meeting, the Whadjuk people of the Noongar nation, and pay our respects to elders past, present, and emerging.
I would now like to introduce Freda Ogilvie, who will perform the Welcome to Country.
Wow, I am in esteemed company this morning. 'Cause I looked at some of the names up here on the front row, and I thought, "Is that Seb Coe? Is that the marathon runner?" Jeff said to me, "No, that's 1,500 m." "Well," I said, "that's just as far." "It'd be still a marathon to me. But I want to say, thank you for the invitation to come and join you this morning. For those of you who don't know me, I'm a retired principal and teacher, something like 37 years, and right across Western Australia and, taught in Halls Creek, Derby, Fitzroy Crossing, in the district office in Broome and at Cable Beach Primary School, then went down to Albany.
What a change! A whole different change, clothing, everything. Then, came back to central office and worked in early years, development, and then went to Halls Creek again for another 2—no, 3 years, and then came down to Yakamia Primary School. What a super little school and, where I finished up being a principal.
I never at any time mapped out my career pathway, and I think most people will say, "Why ever not?" I just knew where I wanted to go and what I wanted to do, and some of those things, I had no idea of what I was getting into. While I've been sitting, chatting with Jeff, I've been telling him, "Jeff, you need to do this. Jeff, you need to do that. Jeff, you've done all the groundwork, now it's time for you to step up." Jeff, I hope you listen to my advice, and you step up and maybe sit on the right hand of our boss. We'll see. We'll—
I think he could do, too. Absolutely. But we still need you there with us to show the way. And when it comes to the word mentoring, it's most important for us as Aboriginal people. We need a mentor to stand behind us. We need an ally to stand beside us, and that's what I'm asking you today, to stand beside me. And I came across some words, and I'm always reading. And I want to say kaya kaya. Hello, hello, and kunami, welcome. And I came across some words from Eleanor Roosevelt, the wife of the President of the U.S.A., and she said, "With the new day comes new strength and new thoughts." ... And after the defeat of the referendum, that has been my single goal.
Looking at that saying every day, "New day comes, new strength, and new thoughts." So I thought, "Oh, I'm gonna translate that into Noongar." So it's, "... ..." Can I say, I pay my respects to my elders and to the past, present, and future leaders and strangers on Whadjuk land. Aboriginal spirituality is defined as a core of Aboriginal being, their very identity. It gives meaning to all aspects of life, including relationships with one another and the environment. All objects are living and share the same soul and spirit as Aboriginals. There is a kinship with the environment. Aboriginal spirituality can be expressed visually, musically, and ceremoniously, and so we dance to the land. We dance to the music of the trees and the breeze.
So across every generation, our elders have played and continue to play an important role and hold a prominent place for our communities and families. They are cultural knowledge holders, trailblazers, nurturers, advocates, teachers, survivors, leaders, hard workers, and innovators, and I think that describes me. Now, our karditj, or knowledge and understanding of Noongar Boodja, country, reflects our deep spiritual and physical connection to country and to places of significance. For each Noongar group, there is a place of significance where we go to celebrate or pay tribute to those who have passed on. Where UWA sits, and I think the office is down there as well, it's about the marriage ground, finding your partner and things, so that's a place where we go to celebrate marriage. I pay my respects to my past, present, and future leaders and strangers on Whadjuk land.
Our Kaartdijin, or knowledge and understanding of Noongar Boodja, or country, reflects our deep spiritual understanding. To heal country is inherent in our identity. It sustains our lives in every aspect, spiritually, physically, emotionally, socially, and culturally. It's more than a place. When we talk about country, it's spoken of like a person, and that person is our mother. Country is family, kin, law, lore, ceremony, traditions, and language. For Aboriginal and Torres Strait Islander peoples, it's been this way since the dawn of time. Through our languages and songs, we speak to country. Through our ceremonies and traditions, we sing to and celebrate country, and the country speaks to us. Increasingly, we worry about country. For generations, Aboriginal and Torres Strait Islander people have been calling for stronger measures to recognize, protect, and maintain all aspects of our culture and heritage for all Australians.
We have continued to seek greater protection for our lands, our waters, our sacred sites, and our cultural heritage from exploitation, desecration, and destruction. We are still waiting for these robust protections. Healing country means hearing those pleas to provide greater management, involvement, and empowerment by Indigenous peoples over country. Noongar elders maintain cultural governance and have the responsibility and obligation to share and pass on. Our country and understanding of Noongar reflects deep spiritual and physical connection to the land. I live on Whadjuk, a significant site during massacres, celebrations, and a place to communicate with the community. Noongar people have a cultural responsibility to have a relationship with the Boodja, or the land. By respecting the land, caring for it, and protecting it through traditional, sustainable practices, we continue to demonstrate our strong connection.
Noongar people have a profound physical and spiritual connection to country. It relates to our beliefs and customs regarding creation, life and death, and spirits of the earth. Spiritual connection to country guides the way we understand, navigate, and use the land. It also influences our cultural practices, such as smoking, to ward off bad spirits and to welcome to country the good spirits, to accommodate our needs and care for us. Look up and down the land to where the river meanders and meets the horizon and the sky. Look at the sun, which warms the land, and the rain to nourish and encourage growth. The nyitting, or dreaming, means cold times and the ancestral times. Noongar people know it as the creation time.
It's a time before time, when spirits roam, rose from the earth and descended from the sky to create the landforms and all living things. Nyitting stories laid down the law for social and moral order and established cultural patterns and customs. Our Noongar elders have the ability to comprehend the knowledge and to maintain in an unchanging way. Noongar creation stories can vary from region to region, but they are part of the connection between all living things, and one particular place is Mudurup, or Cottesloe. There's a site of a limestone outcrop that overlooks a platform that used to be a popular fishing spot. If you look at the limestone ledge and the stalactite pipes projecting down from the distance, the site resembles a shark with its mouth open. Moonda means tiger shark....
I invite you to walk beside me and share the history, language, and culture of the Noongar people. The contribution makes a rich tapestry to move forward in reconciliation and in truth, and I think all Aboriginal people across the state would invite you to walk with them. I want to say, "Njingerng budja," this is my country. "Njinin-noort budja," this is your country. "Njingerl budja," this is our country. I want to say, yanka. Can you say yanka? Yanka.
Yanka.
Thank you. So you just said thank you to me. And Boordawan. Can you say Boordawan? Boordawan.
Boordawan.
I will see you later, because we don't have the word goodbye, goodbye in our language. We say Boordawan. So thank you very much, and I hope you enjoy your day of business. Thank you.
Welcome, Freda. Thank you. Please now join me in welcoming your directors, the chief executive officers, and the company secretary. On my left, Fortescue founder and executive chairman, Dr. Andrew Forrest. Penny Bingham... One, one by one. That's good. Woo-hoo! Penny Bingham-Hall. Lord Sebastian Coe. Yifei Li. Dino Otranto, Chief Executive Officer, Fortescue Metals. And Cameron Wilson, Fortescue's Company Secretary. On my right, Deputy Chairman, Mark Barnaba. Executive Director, Elizabeth Gaines. Dr. Larry Marshall. Dr. Jean Baderschneider. And Mark Hutchinson, Chief Executive Officer, Fortescue Energy. We are also joined today by Acting Chief Financial Officer, Fortescue Metals, Apple Paget, and Chief Financial Officer, Fortescue Energy, Deborah Caudle . Together with members of your executive team. I now invite your executive chairman, Dr. Andrew Forrest, to provide his address, but first we'll play a short video. Thank you.
In 2003, Fortescue Metals Group began with a vision. Now, in 2023, Fortescue is not only celebrating 20 years of success. We're marking a year of real progress. We've got to show the world that we can get off fossil fuels. Stop the talk, stop the rhetoric, and get on with it, and that's exactly what we've been doing.
Australian mining company Fortescue Metals Group is taking new steps in decarbonization by using a new battery in a prototype for a zero-emissions mining truck. This is Roadrunner, a battery-powered electric truck. This is truck number 1. We have truck 2, 3, to many hundreds already in the production system and on order. Zero-emission trucks, trains, and diggers on our sites. We're in the process of constructing a second lot of solar power, which is a 100 MW solar farm, and we actually have an ammonia locomotive up in the Pilbara at the moment for testing. So it's all systems go from our perspective. We're in a much better position 12 months on. Trains, trucks, and ships actually already exist, making our aspiration for real zero absolutely within sight. This is a very important step in our journey for decarb. When the battery arrives, that we're building within Fortescue, in our WA facility in England, it will go in the middle of this truck. Fortescue is leading the way in green technology, not just in the Pilbara, but around the world.
We're now globally manufacturing the technology to help others decarbonize, too. We are designed to build 1 MW electrolysis stacks. It's very similar to this. The parallels between motor racing and mining are so strong, so those skills are easily transferable. Fortescue is looking to the future while maintaining our strong performance. We have shipped our 2 billionth ton of iron ore! We started this company, look, around 18 million tons. Everyone thought that was huge. Wow. We now do 200 million tons yearly.
Oh, yes. We've had great growth, and we're still going. Records have been broken and major milestones reached. Going to be lighting the first ore magnetite on Pad America. We have been able to conquer what many people thought were an impossible task, and it wasn't just one or two years' effort. This has been going back to 10 years' worth of hard work and dedication.
And there's more on the way. Fortescue believes Belinga may become a major iron ore hub in the future. We've moved typical Fortescue pace. We were granted a mining convention, and in February this year, we had our first ore on the pad next to the ship. A strong track record on delivering projects fast and frugally is now being replicated in the green energy space. The IRA has changed everything. We're pushing ahead with U.S. projects buoyed by Hydrogen Hub funding. I'm here to announce one of the largest advanced manufacturing investments in the history of this nation. AUD 7 billion- ... $ billion.
Moving towards final investment decisions in Africa, Europe, and South America as well. Our goal is to show the world we can do this at scale. No one's ever done this before. There's so much money out there waiting for this to happen. Banks and institutional investors, they don't just want the one project. They wanna look at this and say, "Okay, I can invest into this because there's gonna be a lot of different projects. The earlier we embark on this, the earlier we can deliver dividends in a sustainable way for the planet and for our respective economies.
Fortescue isn't just taking action, we're pushing others to join us as well. If we're gonna reach Real Zero by 2030, then everyone has to come on the journey. This is a global challenge. It's not just a challenge for us. We have an obligation, a responsibility, to work to save this planet. Take what is being serious. We believe that there's a real race to reach Real Zero. This year, we celebrated a major milestone. 20 years of innovation, performance, and profits, and 20 years of defying expectations. If you are going to back renewables, then you will become the highest-performing companies in your region.
There's one company in the world to go for, which is actually walking the talk, not greenwashing the talk, and that's Fortescue. Okay. Now, quite the intro. Well, first up, delighted to be back amongst you. Thank you for joining us all here. It's. Well, look, it's an absolute privilege to address you after 20 years. You know, since not so long ago, we didn't have any of what you've just seen on the screen. We had nothing more than our values. We didn't even have many photos. This particular photo is from 2005, just shows you some of the exploration team, and many of those are still with us here today.
2007, we turned the first start of Port Hedland, always Fortescue Way, putting the cart well before the horse, even while we were still building the railway line and finding the ore bodies. You know, we had faith that our geologists would deliver. They did. And of course, key in those early days for success was the value of never, ever giving up, and the knowledge that with every setback, within every setback lies the seed to equal or greater opportunity. You just have to find it. And there were a hell of a lot of setbacks back then. You know, there's... We, we, we struggled very many times, but there were also opportunities, and out of setbacks came those opportunities. This shot is of Flying Fish. It was our third major discovery after the Chichester and Solomon, both huge producers now.
And if you look closely at the concrete, you can see a lure that's been put there by our Chief Geologist, Doug Kepert. By our geologist, Doug Kepert, who recently celebrated his twentieth year with this company, Fortescue. And you could ask: Well, why the name? Well, because very contrary to what was claimed at the time, much of the Pilbara was completely unexplored. It was locked up, but that doesn't mean explored. And we crowbarred our way in, and were able to explore this country. And I have to say, Flying Fish was easier than going fishing. It really leapt into the boat. And here's the team, 2008, with Baosteel.
We landed at Iron Bridge, which is now the world's most advanced magnetite project, and we'll be using it as feed to make green iron, so we can start the industry worldwide, rolling with green steel. We've locked in on demand because we were well on our way to becoming a huge, new, and competitive supplier of iron ore, and we worked really hard to get demand first before we spent your precious money on making sure that that we could supply it. Again, cart before the horse, but it makes absolute common sense. Why would you do it any other way? For the first five years, we got criticized. We didn't ship a gram of iron ore. You know, people saying, "Well, you're busily marketing," like we are today, green hydrogen, "but you haven't produced any yet." Well, okay, let's just have a look at history.
This is us back in 2008, first ore in ship, and there were so many times when the challenges seemed insurmountable, but we overcame them. This year makes our 20th year, and while we've achieved so much, 2 billion tons, nearing 200 million tons of iron ore, massive new discoveries, a company with a market cap, which is nearing AUD 80 billion. Today, ladies and gentlemen, you're with a company which is at its peak in terms of market capitalization. If you add on shareholder returns, AUD 35 billion of dividends, then, of course, we're way ahead. We're now one of Australia's largest companies, by shareholder returns. Total shareholder returns since we got started, no company's near us, not by many times. Your company's returned so many times more than any other company in at least the last quarter of a century.
So we're delivering for you, our loyal shareholders, and you have always been our major stakeholder, our number one priority. So and that is why, over the last several years, we've delivered over AUD 35 billion in dividends, and last year alone, we had revenue of AUD 25 billion, earnings before interest and tax of AUD 15 billion, and underlying earnings of AUD 8 billion Aussie dollars. We've contributed to the Australian economy in wages, salaries, taxes, revenues, over AUD 26 billion in just the last year alone.
This, ladies and gentlemen, is our best-ever year, our record year, but you're probably a little tired of hearing that year in, year out. But I'm particularly proud of this one because it's had Fortescue emerge now as a truly global player with all the potential in the world still in front of it. This is a company just getting started, ladies and gentlemen.
We're the company that understands that 10% inspiration must be matched by 90% perspiration if you're gonna succeed. Ideas are one thing, but delivery is everything, and since our last AGM, we've never performed better. Record tonnage, record operational performance result. So since that first ore on ship, 15-odd years ago in 2008, we've shipped some 2 billion tons of iron ore. You can look across the landscapes of Asia, particularly China, and know that your ore, ladies and gentlemen, built those massive cityscapes in a very real, even visceral way. Give you an example, we've shipped enough ore for almost 22,000 Sydney Harbour Bridges. I'm also proud, ladies and gentlemen, that we contribute back hard into every single Australian. We paid AUD 3.5 billion in Australian taxes on our income of 2021.
That makes you, ladies and gentlemen, the owners of the third largest taxpayer in Australia, consistently one of the largest taxpayers in Australia's history. I have to mention, even though we're critical to our national economy, we're not blowing up pipes about it because we're trying to get you to look over here and not over there. We're not like big oil and gas companies that are making global warming so much worse, while many are paying zero tax in our country. We don't use contributing in the massive way we do, as any valid excuse to emit pollution. We're taking responsibility for that. We're taking responsibility ourselves, and we're leading heavy industry away from that pollution.
Our approach is to ensure that communities benefit, and it's just as strong at the Minderoo Foundation, and I welcome everyone here and on the screen from Minderoo, where Fortescue's dividends continues to tackle some of the world's worst and greatest challenges. This year, we extended our support to immediately when the Australian government stepped up for AUD 10 million, your Minderoo Foundation matched it immediately to alleviate the suffering of innocent people in Gaza, to provide urgent medical supplies and support, emergency water, nutrition, and of course, what's really lacking there is child protection. And that all that work is made possible by Fortescue's outstanding performance year- on- year, and we're proud that our dividends continue to fund it.
We're proud that only recently, Nick and I gave AUD 5 billion in our Fortescue shares, 1/5 of our then shareholding at the Minderoo Foundation, with a donation of 220 million shares to the Minderoo Foundation of Fortescue. So it'll allow us to grow, ladies and gentlemen, as you look at the world's top-performing mining company, growing into top-performing technology, energy, green solutions company, know also that your dividends are being put to hard work at the Minderoo Foundation. So as we continue to grow Fortescue's wealth, we're committed, Nick and I, as just purely we see ourselves as trustees for the future for philanthropies, to give our wealth away within our lifetimes. This year, we brought Fortescue together under one brand, One Fortescue. We are Fortescue.
One mission: to step beyond fossil fuels, this dreadful era, and lead the world in green iron, green technology, and green fuels. We've become that global workforce we must be in order to achieve that. We're setting up projects around the world, from Gabon in Africa to Brazil in Latin America, all over the world. You know, in Gabon, we're on the precipice of generating huge value to you, our shareholders. We have over 1,000 Fortescue family team members now beavering away in the U.K., producing technologies which are cutting-edge, things we haven't heard of in industries such as tapping the intelligence of batteries, such as DC to DC in heavy industry. Of course, these people make up our second-largest post outside of Western Australia, so we're really putting in the thought.
But we've also established offices to generate even further revenues in New York, Washington, D.C., Latin America, as I've mentioned, Africa, as I've mentioned, but also London. And it's central to our business strategy to diversify into green metals, energy, and technology. This, ladies and gentlemen, is what the world needs. We cannot continue our smoking past into the future, and I'll describe that to you. And all the while, as we do this, we build, as you can see in our share price, our record performance, greater value to all of you, our valued shareholders.... In 2023, we're proud once again that we were awarded the most trusted brand in our industry in the entire country, and that's of great importance to us. That is why we've been so honest about our emissions and what we're doing to eliminate them, that we're not greenwashing our way out.
We are actually working our way out. Because I need to explain this to every single policymaker and industry leader, we have the technology, we have the capital. The world is awash with capital looking for green projects. But do we have the character of leaders to get us out of this dreadful predicament we're sailing so savagely into, into? This global warming, ladies and gentlemen, is not a forecast. You hear oil and gas companies prattle about stopping 1.5 degrees. Let me tell you how ridiculous that greenwashing statement is. 1.5, that so-called crucial tipping point, is with us right now.
It's the threshold for dangerous warming, and in 2023, as the year progressed, it got hotter and hotter and hotter, breaching 1.5 degrees several times in a row, and in fact, the last two months, 1.7 degrees have been breached consecutively. Only last week, on the 17th of this month, we established an ignominious record not supposed to happen for decades. This year, virtually certain to be our hottest in 100,000 years, hosted November 17, first time the planet crossed over 2 degrees warming in human history. And while our state's response to climate change is dismally behind schedule, as I'm illustrating scientifically, we are in the grip of the world's greatest deceivers, companies like ExxonMobil, and our own delivery stays very slow.
But of even more concern, ladies and gentlemen, to all of us, is that despite allowing propaganda to influence state policy, climate change, the climate catastrophe, as Pope Francis calls it, global heating as now the scientific community refers to it, is not behind schedule. It's running fast ahead of schedule, quicker than any science has predicted. So we're changing to be part of the solution rather than part of the problem. But it's not noble that we're doing this. It's not self-sacrifice. It's just pure responsibility. It is selfishness in the extreme to do nothing if you are entrusted as a leader, to stay maniacally glued to supporting fossil fuel. Business needs the firm hand of government to work with us, not against us, to promote solutions that make the world more inhabitable, more hospitable, and not more dangerous to our kids.
I've really got around the world, ladies and gentlemen. I've visited all the Tier One universities, all the great research institutions from NASA to CSIRO, and we're advocating a change in policy to draw a global attention to the threat that part of the global warming crisis you never hear about, which is humidity, is upon us and making parts of the world right now uninhabitable for humans. Because, ladies and gentlemen, we all share the same mammalian DNA. We're wired for heat. You can go into a heat chamber where the water is boiling, you're gonna be okay. You won't feel great, but you're gonna be okay. But put steam into that heat chamber, and you'll die very quickly, and that is because we're not wired for humidity with heat. It's in this environment that our body's natural defense system against high temperatures, sweating, just doesn't work.
If we can't cool ourselves, our internal body temperatures quickly rise to a level that is deadly. And as deadly heat and humidity conditions rise globally, humanity faces a threat to its survival in very many parts of the world, and only the most ignorant and self-serving policymakers will ignore this warning, because people are dying. When anyone resists this, say, "Well, let me take you to the morgues. Let me take you to the hospitals." It's happening as I speak. I don't need to predict any science. I don't need to argue with you. I can just show you.
We launched the Positive Power program all over the world, in the United Nations, in APEC, to make it easier for our green energy and our green hydrogen projects all over the world and all developers to get their projects up and away to start successfully competing and then beating fossil fuels, as we must, before fossil fuel completely beats us. This is the kind of positive information campaign that the world needs to counter the status quo that is being firmly held in place by the oil and gas sector, who simply do not care enough about your future. I've got to say, we're not the only ones working really hard. The oil and gas sector is working really hard just to prevent green energy from scaling quickly.
So here at home, let's compare today, Fortescue, and what we're doing with an oil and gas project like Woodside. We've got a market capitalization of nearly AUD 20 billion above Woodside's. We're proudly Australia's largest company. Woodside's facing a rising tide of costs and delays of uncertainty due to their gas approvals. They're spending, as we speak, AUD billions of dollars on oil and gas exploration, while promising to keep warming in line with the 1.5 degrees, which we've already passed. It's arguing that fossil fuels are critical to relieving cost of living pressures, when everyone knows that gas volatility and weaponization of gas is what has been driving the cost of living crisis. It argues that gas is a crossover, with big ads on the front pages of the West Australian. It's a crossover to green fuel.
Ladies and gentlemen, all gas is, is methane, and methane is 80 x more dangerous over the next two decades, where the world is either gonna tip over the edge or survive. 80 x more dangerous than even carbon dioxide to global heating. And it's this collective act of the suspension of critical thinking, to think we can embrace the fossil fuel industry while stopping climate change. The reverse is true. Let me show you. Woodside Scarborough Pluto LNG project alone is tipped to emit 1.4 billion tons of greenhouse gases over its lifetime. That's 3 x Australia's current annual emissions. That's 14 x WA's annual emissions, and they'll say it'll create First Nations jobs. Yeah, it might. But they don't say that their emissions are driving up lethal humidity.
When the scientists show you the map of where lethal humidity is gonna hit, yes, Latin America, yes, Africa, yes, India, but also right across northern Australia, where many of our indigenous people and my own family live, making parts of that country uninhabitable in the future for First Nations and others. So it's unsurprising that you consider that, that leadership of Woodside is peppered with ExxonMobil leadership and other companies, other oil and gas companies. But I just wanna tell you about ExxonMobil. It is the company that faces multiple court actions for lying and misleading, firstly, its own government for decades, and secondly, the global public for decades, and now being held to account in the judicial system for its responsibility for global heating. It is the company that is trying to say, you know, the blue ruse, that, "Don't worry, we can produce hydrogen, too.
Look over here, it's hydrogen. Don't look over here, we've just burnt way more oil and gas and coal to make that hydrogen. So-called relying on carbon sequestration, which is literally pumping carbon dioxide into the ground, is a theory waiting for the next idiot to come along to believe it. As a statistician, as an ecologist, I've got to say, if something fails 9 out of 10 times, it doesn't work, and that's carbon sequestration. So, so-called blue hydrogen is a fake and making the climate worse. I'm saying to all of us, I'm a hardcore businessman as well, and I can tell you, as an economist, driving the world away from fossil fuels will create huge savings, new huge revenue streams, and protect us from carbon pricing when, not if, it comes. Now, as I've said, the constraint here, ladies and gentlemen, is not technology.
We've proven that. We're doing it. It's not finance. One bank alone said they have $2.5 trillion available to help companies go green, but they're not stepping up. The resource we lack is character in our leaders and in you, shareholders, this scarce commodity you have in spades. From the bottom of my heart, I thank you for having backed this company now and from its early years. We need now a swift green energy transition that will bring trillions of dollars of savings compared to the continuation of dirty, lethal, and expensive fossil fuel. Factor in the economics of catastrophic climate-related changes, we'll inevitably see a business-as-usual policy if we don't act right now to bring local and global economies in. Almost every country is moving.
To give you an example, the U.K. has announced planning to introduce carbon border taxes, literally taxing goods which come from countries like ours, mirroring measures being implemented right across the European Union. This is gonna spread, ladies and gentlemen. The plan will take the form of a levy on carbon-intensive goods as a border adjustment, and by implementing this, the U.K. aims to protect its industry in the face of the rapid changes in other countries' green policies. It's a chain reaction, and it will include soon every country in the world, including, inevitably, our own. It's not a when question. It's not an if question, ladies and gentlemen, it's just simply a when. That's why Fortescue is breaking up with fossil fuels.
We no longer will be tied to fuel that hurts our company and destroys your future. This was our message to the leaders at, at the United Nations General Assembly. It was our message to APAC, and it is our message now. Our AUD 6.2 billion real zero decarbonization, happening as I speak, will eliminate fossil fuels from our operation and save money. I say save very substantial capital each and every year, which would otherwise, as we do now, be burnt and wasted every year. Our business focus is to become, ladies and gentlemen, we have this clear light on the hill now. The world's number one integrated green metals, technology, and energy company. We aim to accelerate well beyond our AUD 80 billion market capitalization as we meet again the world's fast-changing needs.
Ladies and gentlemen, as shareholders in Fortescue, please be very confident that we all remain strongly committed to delivering outcomes to the world, and just as importantly, delivering returns to you, our shareholders. Those who've been with us since the very beginning, I thank you for sticking with us. We couldn't have done it without you. And to all you new shareholders, thank you for backing us. We've never had so many shareholders in our history join our share register. We've gone up by many times since we started our green journey. Thank you for backing us at the outset of this time of exciting major growth. So this, ladies and gentlemen, is the future of Fortescue.
It is as bright as I've ever seen it, as bright as the records we've had again this year, and ladies and gentlemen, as bright as your future, your children entrust us with. So thank you for hearing me out, and I'll hand it over to Hutch. Thank you, Hutch.
Thank you so much, Andrew. That was great. Good morning. It's a pleasure to be here today. It seems like only yesterday that I was here, my first AGM 12 months ago, and what a 12 months it's actually been. Over the past year, we have been working incredibly hard and at a very serious pace to develop our projects and invest in technology to place you, our shareholders, in the best possible position to take advantage of the global energy transition. Fortescue has never feared a challenge. It's just not in our DNA, and we thrive on stretched targets, which are a fundamental part of our values. Our heritage as a market disruptor is very core to the Fortescue's existence.
And we want to lead the world in stepping beyond fossil fuels forever by developing green electrons, green molecules, green technology, profitably and at scale on a global basis. And we're doing this because it's, it's the values that it brings to you as shareholders, but also because it's what the world need us to do. The northern summer was the hottest on record. As we roll into another hot Australian summer, one cannot just hope that we're spared the disaster that recent summers have brought to this country. On a personal note, I'd like to introduce to you to the reason I took this job. Please meet my seven grandchildren. Now, I know you're thinking, "He doesn't look old enough to have seven grandchildren," but I do.
I was with them actually, when Andrew asked me to take this job and made me think about what the world would be like when they're my age. That's the reason I joined Fortescue, and the reason I'm convinced we have to act now, for them, but also for your children and your grandchildren. We have to show the world there's an alternative to fossil fuel. We just don't look at this through the lens of the environment. The steps we take as a business will create value for our shareholders for generations to come. The world is changing, and we are changing with it. So what is Fortescue Energy? Well, firstly, it's an energy business. Secondly, it's a green technology business. And thirdly, it's a green capital business. So let me explain each of those. First, energy.
Our belief is that green electrons and green molecules are the alternatives to fossil fuels. Green hydrogen will allow the world to transport energy generated by the sun, the wind, the water, anywhere in the world. I sit here with enormous pride today, announcing our first three green hydrogen projects that the Fortescue Board has approved for final investment decision yesterday. I'll come back to these shortly. So why is green hydrogen the fossil fuel alternative? Well, think about green hydrogen as a battery that stores energy and allows us to transfer it anywhere in the world. It's an alternative to fossil fuels for energy, for industry, for transport. So let me just simply explain how we actually make it. We take renewable energy in the form of hydro, wind, and solar, and we transform those green electrons into green molecules. We'll use electrolyzers to do this.
In simple terms, we'll use green energy to force water through a membrane, which is inside the electrolyzer, and that splits the hydrogen and the oxygen. The hydrogen we produce is therefore made from green energy and water, so it's completely green... And once we have liberated the green hydrogen, we can sell it locally, for example, to the transport industry, or convert it to green ammonia, as a denser way to transport green hydrogen anywhere in the world. Now, I'm so happy to announce three projects that reached final investment decision yesterday. The first of these is in Arizona, in the United States. Our Phoenix project establishes us in one of the most attractive markets in the world, brought about by the Inflation Reduction Act.
The proximity to California, a primary heavy haulage truck route, and the most progressive U.S. state to adopt and incentivize clean hydrogen, primes Fortescue World to deliver value to the U.S. domestic market. In Australia, our Gladstone PEM50 project allows us to demonstrate to the market the quality of our proton exchange membranes or PEM electrolyzer technology. This will be located adjacent to Fortescue's existing electrolyzer facility in Gladstone, and will produce 8,200 tons of green hydrogen per annum, starting in 2025, and pretty soon. The Gladstone PEM50 will give us a pathway to control our supply chain of electrolyzers, and it does position us as one of the only handful of global manufacturers of industrial-scale hydrogen systems. I'll let Dino explain our third project, which is a very exciting green iron project.
We're also fast-tracking a number of major projects globally as well, which does position us as a major supplier of green molecules to the world. From Australia, we will supply the Asian market. From Norway and Brazil, we will feed into the European market. And in Kenya, we will enable that continent to produce what is essential green fertilizer. Now, we don't believe anyone in the world is currently doing what we're doing at the same pace and scale. And by getting our first projects underway now, our first mover advantage really does place us in the best possible position to realize the value the green energy transition presents to you, our shareholders. Producing at scale will allow Fortescue to lead the world in what Goldman Sachs predicts will quickly become a $1 trillion market every year. The opportunity is just enormous.
In fact, it's as big as the entire fossil fuel world. As I mentioned, we're also a green technology business. Fortescue WAE, which, Andrew mentioned, with its heritage in Formula One and Formula E, has allowed us to develop the world's most advanced battery systems. We announced last year that we intend to decarbonize our entire mining operations to real zero by 2030. It's a massive undertaking, and we can do it firstly because of the people we have, but also because of the technology we're developing at Fortescue WAE.
Our primary goal is to develop cutting-edge technology for ourselves that many others need, and what we're finding is many other suppliers are coming to us and says, "We need the technology that you are developing." So we believe that Fortescue WAE will develop into a standalone business and provide the world with advanced systems and batteries that they need. A few months ago, we also announced a very exciting formation of Fortescue Hydrogen Systems, where we have developed our PEM electrolyzer technology. As I mentioned earlier, we have a 2 GW fully automated factory in Gladstone, which is near completion, and will provide ourselves and the world with cutting-edge electrolyzer technology. So how are we gonna pay for all of this?
Well, last week we announced the formation of Fortescue Capital, an asset management business which will raise third-party money from institutional investors that will allow us to invest alongside us in all the things that we need to do. We actually are very blessed to have Robert Tichio, who's here today, to lead our Fortescue Capital. Robert and his team will be based in New York, the center of the world's capital markets. They have a huge wealth of experience in this area, and they will help us fund all the ambitions that we have ahead of us. As Fortescue Energy moves into the next phase of delivering our first green energy and progressing before final investment decision on a number of other projects, we do so in the full knowledge that this company, Fortescue, has been here before and has succeeded.
As we continue to evolve into a truly global company, we want to emulate the success that Fortescue Metals has had. As Dino will explain shortly, that business goes from strength to strength. With the unwavering support of those on the stage here today, and with our Fortescue values guiding us through everything that we do, we now have the opportunity to step up before many others and demonstrate that we are the global leader in the energy transition. I thank you for your time today, and I welcome Dino to the stage.
Thank you, Hutch, and congratulations on a milestone day for the team. Thank you all for taking the time today to join us for our Annual General Meeting . In the spirit of reconciliation, I acknowledge any and all First Nations people of the land we're on now, the land on which we live, work, breathe, eat, and sleep. We also pay our respects to their elders, past and present... Today is an opportunity to reflect on the extraordinary year that was. To reflect on the achievements of your company as we celebrate our twentieth year. Today is also a time to be excited for our future as we become a truly global green technology, energy, and metals business. Stretch targets are part of Fortescue's DNA. We're always finding ways to do things better, faster, safer, and always less expensive.
As you've heard from our Executive Chairman, Fortescue has generated the highest total shareholder returns of any company listed on the ASX since its inception, and we have one of the strongest balance sheets in the mining sector. Since our operations commenced, we have shipped 2 billion tons of iron ore to our customers, and importantly, we've done this while maintaining our laser focus on safety. Ensuring everyone goes home safely after every shift has been, and will continue to be, our number one priority. We're also proud to be one of Australia's largest employers of First Nations people, representing 16% of our Pilbara workforce and 10% of our entire Australian workforce. And we know that championing the next generation of First Nations leaders is essential to enabling a culture that truly supports First Nations peoples.
I'm so thrilled to welcome this year's cohort of Leadership and Empowerment for Aboriginal People participants who are joining here today. Please join me in congratulating them. They're all here. Yeah, how about we stand up, and let's acknowledge the crowd? Yeah. Come on, team, don't be shy. Thank you so much. Thanks, team, and it's great to see the numbers grow every year. So it's been another truly landmark year for Fortescue. Another production record, the introduction of a high-grade magnetite product, and the expansion globally into Gabon through the Belinga Iron Ore Project, all while maintaining one of the lowest cost operating, lowest operating costs in the world.
Fortescue's journey has been very unique. We started out as a small exploration company and have become one of the world's largest iron ore producers. This year, we shipped 192 million tons of iron ore to our customers, marking our fourth consecutive year of record shipments. In this year, we're aiming to break further records with guidance of 192-197 million tons. You would have seen from our recent quarterly production report that it's been a solid start to the year, with iron ore shipments of 45.9 million tons. Let's turn to Iron Bridge, a truly magnificent project that signifies Fortescue's entry into the high-grade segment of the iron ore market.
Its completion marks the end of over 20 million work hours on site and almost 20 years of planning. We spent years piloting the process to make sure we got it right, which we did. In the first week of operations, remarkably, the ore processing facility achieved a first-run grade of nearly 68% iron above nameplate. Iron Bridge really is a demonstration of this company's values, particularly our never, ever give up determination.
Iron Bridge would lead the successful magnetite industry here in WA, and is a real differentiator for Fortescue as it enhances and complements our existing product mix. Following our first shipment in August, we are gearing up for our second shipment imminently, and we're working really hard to ramp up to nameplate within the 24 months we've guided for. We've already seen such strong demand for this high-grade product, which is also hugely beneficial for producing green iron and green steel. And I never truly appreciated the demand for this product until my recent visit to China, where it was clear that at the most senior ranks of government, there has been a decree to pivot to a decarbonized future, and for us, that is green iron and green steel.
I'm so proud that in WA, today, we can announce that we've given conditional approval for the construction of a green iron trial commercial plant here in WA at Chrissy Creek. This facility will produce green iron using the existing hydrogen already being produced there. The significance of this should not be underestimated. It's truly world-leading, and I believe in 10 years we're going to look back on this moment, the moment we started to turn our iron ore green. Turning to Gabon, where we transferred four—first ore from our Belinga site to Libreville Port in June. This project is truly impressive and has the potential to revolutionize our portfolio and ultimately create a product that will really be the envy of our peers. I'll be traveling to Gabon next week, remarkably, to celebrate our first shipment. An incredible achievement by the team in under 12 months.
The early-stage mine development is progressing really well, and we have a major exploration drilling campaign underway. The insights from this early work we're conducting are so critical for us in ensuring we set up the project for success into the future. Moving to decarbonization, a piece of work that really excites me, as you probably told from the video, the pop photo in the video with Larry. Our plan to achieve Real Zero by 2030 is well underway, and we're now putting plans into action. For all the skeptics out there, this is real. This isn't in planning; it's happening. It's happening now, and it's happening in our home state.
Already, we've almost finished building a 100 MW solar farm near our Iron Bridge operations, and once commissioned, together with our Chichester Solar Farm, already in operation, will deliver 25% of the stationary energy requirements from solar power. On the mobility side, we finished constructing our very first battery electric haul truck, Roadrunner, which was actually loaded for the first time a few weeks ago. Nobody thought that was possible, but within six months, we cracked that powertrain technology and the fast chargers to enable that haul truck. By 2030, you'll only see zero-emitting haul trucks across our entire mining operations. We've also built a 3 MW fast charger prototype to fully charge the Roadrunner in just 30 minutes, utilizing that proprietary DC-DC inverter technology that Andrew spoke about.
Looking ahead, over the next few years, you'll see us deploy an additional 2 GW-3 GW of renewable energy and significant battery storage. We'll replace our entire diesel-consuming mining fleet, including rail, all our ancillary equipment, with non-emitting alternatives. With our first battery electric locomotive due to be operational at site next year. We'll also be extending our private power transmission grid to all Fortescue mines and connecting that grid to the solar and wind assets we will develop. This is real progress, folks. Our journey to Real Zero is not a plan, it's being executed in our backyard as we speak. Fortescue is leading from the front. We've traveled the world calling for an end to all fossil fuel incentives and an end to barriers to investment in green energy. Now is the time for real action.
It is governments, governments and businesses like us who must lead the change. As you can see, Fortescue has never been in better shape. Our consistently strong operating and financial results through a period we've seen, where we've seen continually evolving challenges, highlights the strength of our business and the great people making it happen. Now, in my third year at Fortescue, it's truly fantastic to see a culture that harnesses diversity of thought and entrepreneurial spirit. We don't fear challenges; we embrace them, we tackle them head-on, and we're becoming a truly global business while stepping beyond fossil fuel, diversifying and moving towards a stronger, more profitable future. There is truly no other company like Fortescue, and I firmly believe that our strength is in our people.
Over the past 20 years, the Fortescue family has drawn on its DNA to achieve incredible things, and we will do the same as we now move into this new chapter of growth. As shareholders in Fortescue, you can be confident we remain resolute and strongly committed to delivering returns for each and every one of you, as we once again step forward and challenge the status quo. I'd now like to call on Cam Wilson to take us through the formal business of today's meeting. Thank you.
Thank you, Dino. Great presentation. So to the formal business of the meeting. We have not received any apologies for today's meeting. I can advise that a quorum exists, and I declare the formal business of the meeting open. The minutes from the last Annual General Meeting have been approved by the Board, and a signed copy is available to be viewed by any shareholder. The notice of meeting is taken as read. To streamline the meeting, details of the resolutions and the proxy votes for each resolution will be displayed on the screens behind me. I do not intend to read each of them out to you. Shareholders and their proxies and corporate representatives will also be given the opportunity to ask questions relevant to the business of today's meeting prior to each resolution being considered.
If you do have a question, please raise your white or blue admission card, which you received when you registered for the meeting today, and state your name before addressing the meeting. Please note that if you have a red or a green card, you are not entitled to vote or speak at the meeting. So in accordance with our company's constitution, the voting procedure is at the Chair's discretion, and I advise that we will hold a poll in relation to resolutions 1 through 6. I appoint Mr. Chris Hernandez from the company's share registry, Link Market Services, to conduct the poll. Persons entitled to vote on this poll are all shareholders, representatives, and attorneys of shareholders and proxy holders who hold white voting cards. On this card, you will find a series of boxes for voting.
Please indicate on your card how you wish to vote by ticking or marking the appropriate square for each resolution. You must mark either for or against for the vote to count. Once you have finished marking your card, please place it in one of the ballot boxes, which will be circulated through the room after all resolutions are read. If there are any aspects regarding the voting on which you are uncertain, please ask the Link representatives who will be circulating the room with the ballot boxes after all the resolutions are read. The formal business of the meeting will close following collection of the poll papers, with the results of the poll announced later today to the ASX. The first business item on the agenda is in relation to the receiving of the financial reports.
Details of this item are on the screens. Are there any questions in relation to the financial reports, including questions for the company's auditor, PwC, represented here today by Mr. Chris Dodd? Thanks, Chris. So any questions in relation to the financial reports? No? Okay, I'll take those reports as read. We'll now move to the resolution one, next item on the agenda, the adoption of the remuneration report. Details for this resolution are on the screens. Before we open to questions, I would like to invite the Chair of the Remuneration and People Committee, Penny Bingham-Hall, to make some comments on behalf of the Board in relation to the remuneration report. Thanks, Penny.
Thank you, Cameron, and good morning, everyone in the room. Lovely to see so many people here this morning. Fortescue's remuneration framework is designed to be competitive in attracting and retaining the best talent we can find, while also rewarding them in line with our shareholders' expectations. We aim to achieve this by setting challenging stretch targets, and you've heard a lot about stretch targets today from both Hutch and Dino, and aligning those outcomes with performance, what we've achieved, but also importantly, how it's been achieved. Fortescue's executive and senior staff incentives across both our metals and energy business are aligned with our strategic objectives, and we're committed to providing transparent disclosure against those objectives and how they link to reward outcomes.
At its core, the remuneration strategy drives management accountability for the achievement of those stretch targets through a very considered balance of both financial and non-financial measures. This strategy supports our continued progress, as you've heard today, towards positioning Fortescue as the number one integrated green technology, energy, and metals company. Based on the votes received to date on this resolution, Fortescue will receive a first strike for the FY 2023 remuneration report. In the lead up to today's meeting, we've met with a number of our investors and received strong feedback on various aspects of the remuneration report. We acknowledge this feedback, particularly in relation to the special one-off payment made in the last financial year, and we will work together with the shareholders, proxy advisors, and also with our people, to address those concerns in the year ahead. Thank you.
Thanks, Penny. Are there any questions on this resolution? No? Okay. In that case, if no further questions, I'll now put the resolution to a vote. So could you please complete your vote now? I now propose to move to the second resolution, which is the re-election of Dr. Andrew Forrest as a director. Details of this resolution are on the screen. Dr. Forrest is a global business and philanthropic leader who is dedicated to creating green energy solutions to stop global heating and tackle global challenges like modern slavery, and oceanic destruction through overfishing and plastic pollution. Andrew founded Fortescue 20 years ago, growing the business into one of the world's largest iron ore producers and Australia's highest returning company for shareholders.
Through his private investments, Andrew is the owner of Squadron Energy, Australia's largest renewable energy developer, owner and operator, and a major supplier of critical and strategic metals through Wyloo. As the founder and chairman of the Minderoo Foundation, one of Asia's largest philanthropic organizations, with AUD 7.6 billion endowment, Andrew has publicly committed to give away his wealth to philanthropy. Andrew has a PhD in Marine Ecology and was appointed an Officer of the Order of Australia for distinguished service to philanthropy, mining, employment, and sustainable foreign investment. I'd now like to ask Andrew to make a brief statement.
Thank you. Sorry to bore you all again, team, but look, thank you. It's my turn to be reelected. And I just wanna say that I'm, you know, I've really appreciated your support. You can see it in the votes, but it really matters to me that you're on this journey with your Board and with me personally. One person who is no longer on that journey, and you're all my loved shareholders, but you would forgive me for saying my most loved shareholders are my family, and it's so great to have my mum, Judy, here. She loves being pointed out, not. My sister, Janie, who probably doesn't mind it that much. And my brother and my brother, David, who also hates the limelight.
But, this is the first AGM at which my father, our father, Don, is not here with us. And God bless him. So, look, 20 years ago, Dad's first AGM, we were barely a company with a salary. We just lived on our values and, you know, were on the road selling something we didn't have, which is iron ore, which was a particular grade which the market scoffed at us, saying, "Yeah, you'll never sell that," and that is now the largest iron ore product in the world. And it was really tough, unglamorous work. You know, we worked, as Hutch has said so well, on just driving our values into a wolf pack collectively, just really hunting down the mission to be a very important supplier of iron ore.
And that tiny little company is now a market cap of AUD 80 billion, a top ASX-listed company, top 5 or 6, I think. And with an NPAT of around AUD 8 billion, you know, earnings AUD 17 billion, gross earnings AUD 25 billion... It's AUD 26 billion. It's doing all right. And so probably more importantly than being the highest shareholder return by many, many times is the fact that you have been on this journey with us. And so thank you for that. I'd like to say that the 10 years of courage and determination since we really got cracking on a energy we called green hydrogen because we listened to the foreboding warning of irrefutable science.
We worked really hard to replace this lethal fuel, fossil fuel, which of course, we're producing in great abundance here in Australia, known as a petrostate. And of course, we're now replacing that as fast as we can, as quickly as we can, with a brand-new pollution-free fuel, green hydrogen. So we're that solutions company, that green solutions company. I think we are the best in mining. It was great to hear from Hutch 'cause he's laying out the future. Great to hear from Dino, where he's saying, "This is the past and the future." So with that technology, with the manufacturing, minerals, and energy, that is the only way we're gonna de-fascist, de-communist the supply of critical energy with a purely democratic energy, which is pollution-free, which can lead to that democratic, peaceful future.
Shareholders, I've never taken your trust in me or our success for granted. I work really hard to keep both, and for my entire Board joins me in this laser-like focus, the success of your Fortescue. I'll let you vote. Thank you.
Thank you, Andrew. Are there any questions? At the back.
Thank you. Just, Mr. Chairman, I'm a shareholder, and my question to Andrew Forrest is: Some two years ago, you crossed swords with Elon Musk. He said, "Electric," and you said, "Hydrogen fuel cell." You were correct, but why are you using electric for the future with wasteful batteries when fuel cell is zero pollution? Our government has delayed progress in this area. Have you considered tidal wave green energy, which is a 24/7 power? And I must congratulate you on your great success. Thank you very much.
You've touched a really, really raw nerve here, boss. Yes, I hammered Dino and all our green energy people to say battery is a no solution. We are, your company, is one of the biggest investors in batteries, and we design and build the world's best, most intelligent batteries. But they're not a solution which is gonna save this planet.... The miracle marriage is, as you point out, hydrogen with a battery, a fuel cell. That's where government policy must move. That's where, you know, I'm not speaking my book. I'm like Musk, I'm heavily invested in batteries. It's just that, unlike Musk, it's not my only investment, and we've got a keen eye on the future. Green hydrogen is infinite. We can make as much of it as the world will ever need by a quantum. Can't do that with batteries.
Batteries are just there to help green hydrogen along its path. And to be dazzled by batteries is really short-term policy thinking. So thank you for your observation, sir. We agree.
Are there any further questions? If there are no further questions, I'll now put the resolution to a vote. Please complete your vote now. I now propose the resolution to re-elect Mark Barnaba as a director. Details for this resolution are on the screens. Mark is an independent director with a broad range of international experience in finance, commerce, and natural resources. He has extensive and particularly diverse experience at Board level in both the profit and not-for-profit sectors. He's currently Deputy Chairman and Lead Independent Director at Fortescue. In 2015, Mark was named a member of the General Division of the Order of Australia for significant service to the investment banking and financial sector, to business, education, and to sporting and cultural organizations. Mark also chairs the HBF Investment Committee and is a member of the Board of the Centre for Independent Studies.
He previously served as a member of the Board and chairman of the audit committee for the Reserve Bank of Australia, and chaired several other publicly listed Australian companies within the mining and infrastructure sectors, along with chairing not-for-profits. He holds a Bachelor of Commerce, First Class Honors and University Medal from the University of Western Australia, an MBA from Harvard Business School, and as a, and has an Honorary Doctor of Commerce from the University of Western Australia. I would now like to ask Mark to make a brief statement.
Thank you, Cameron, Andrew, and Hutch and Dino. Well spoken earlier today. Good morning, ladies and gentlemen, my fellow shareholders. Let me say at the outset, what a great pleasure it is to be standing here in front of you humbly to request your support for my re-election to the Board of this great company. And also, let me thank the support that I have had from my fellow directors on my left and on my right for their support in me putting myself forward. Let me say at the outset that I do not view being a director of Fortescue as simply a job. Fortescue has never been, is not, and will never be for me simply a job. It's a mission, it's a passion, it's an overriding commitment.
If you spoke to my wife, Paige, and my children, they would, they would make it very clear to you that that's exactly the way it has been. I've been on the Board for 14 years. I've been involved with our chairman at Fortescue for much longer than that, and it's been nothing short of an unparalleled and absolute privilege to be involved. We use that word privilege, so let me explain why it has been a privilege. The first reason, and we speak a lot about it, is that we are a company led by our values and our culture, and that is easy to say, but very difficult to do, and it overrides and it governs all of our DNA.
I take great pride in the fact that the DNA of Fortescue is now part of me, and a small part of my DNA is now in Fortescue. But that overriding determination to build our fabric via culture and values governs everything for us. The second reason it's been a privilege is, one of the key jobs we have on behalf of all of you is total shareholder returns. Andrew mentioned it, but I did call him this morning and said, "What a wonderful day to have an AGM when your share price, dividend adjusted, hits an all-time high." Hear, hear. What a day! A remarkable performance compared to the ASX, remarkable compared to our mining peers, remarkable for any company at, at since inception.
We, we take pride in it because, as a Board, it's one of the key roles that we have on behalf of you all. The third is an important part that governs why it's a privilege, and that is, as a Board, we are meant to protect our social license to operate as a company on behalf of you all. What does that social license to operate mean? It means giving thought to our community, looking after our environment, thinking about climate change, doing something about climate change, having a focus on sustainability.... You heard from our chairman, and I have spent a lot of time on the road with him, where you see his heart and soul be invested in exactly this.
You now heard it with great passion from our leaders, from Mark Hutchinson and from Dino, that this is a core part of our existence. Hence why it's a privilege. Led by our values, focused on an important aspect of what we're meant to do for you as shareholders, total shareholder returns, but do it with our planet, the community, and social license to operate in mind. Now, it's easy to look at the past. It's always a terrific thing to do when you have a history like Fortescue. But I'm reminded that it's actually the future that's important, and I'm convinced I can stand here before you and guarantee you that the best years are ahead of us as a company. The past has been wonderful. The future will be even better.
You heard from Dino what we're doing with hematite in the Pilbara, commissioning of our magnetite Iron Bridge plant, the province that we're looking to build in Gabon in iron ore, our world-leading decarbonization plans and efforts. And from Mark, we heard what we're doing very much all over the world, but with a large footprint in Europe and the United States in terms of Williams Advanced Engineering, now Fortescue Capital, based out of the U.S., and with green manufacturing and green hydrogen. If it so happens that I'm fortunate enough to be reelected today, I will relinquish my role as lead independent director at some point next year. We have made the media aware of that, so I will step down from that role. I will obviously, if fortunate enough to be reelected, stay on as a director.
If at the good grace and the favor of my fellow Board members, they so see fit, I'll remain in the role of Deputy Chairman. It is a role I take enormous pride in. I enjoy and I take seriously my role in serving you all, because I'm reminded that you all elect directors. The role of a director is to act as your agent. It is to serve your best interests. That is a role I take very seriously. I wear with great pride. Thank you very much.
Thank you, Mark. Are there any questions on this resolution? Morning, Len.
Jolly good morning to you all, all the directors and the shareholders present and members present, and this big community here that is present. That's fantastic. Really good. Len Roy from the Shareholders Association. I have 257 proxies, equating to 1.3 million shares. Before I address the comment on Mark's independence, I'd just like to reflect on the time that we had with Penny, as a formal meeting, from the Australian shareholders to Fortescue. We're not happy with Board discretion payments, and Penny alluded to that in her comment now. And I must say, Penny was very constructive in explaining the background to it, and the logic and all that went with those judgments.
And we were acceptable in the circumstances, though to some extent, private discussions, nothing secret, nothing really confidential, but we felt that Penny was being very frank, very straightforward, and we did appreciate that, along with other matters that we did discuss at that meeting. So many thanks for that, Penny, and we look forward to the changes that will come along. We're supporting all resolutions, and I thought I'd make that clear, and hence the comment towards Penny. We've had a working relationship with Fortescue for a long time. They, I think, respect some of our views.
They're not always completely aligned, but we have a good dialogue, a good working relationship, and the reality has been over the 10 or 12 years that I've been involved, there has been constructive change and improvement and updating in terms of, remuneration, for example. It's a very dynamic company and is not easily understood from perhaps being outside looking in, and we do appreciate the dialogue that we have. Relevant to Mark, he's taken my thunder because my question was really going to be, one, to acknowledge how valuable he is to the company. He's not a friend of mine. I don't know him personally, but I know he's a very, very valuable guy, as part of the Board of Fortescue and has been for a long time.
He's a very intelligent person, and I think he and Andrew are a pretty formidable team as they go around the world developing Fortescue. But we were concerned that the industry trend in Europe here is that a director doesn't hold the title of independence beyond nine to 12 years. It's a fairly accepted rule, I might say, and our question was going to be, and Mark has to some extent addressed it, when is the chair going to transfer that title perhaps to some other non-executive director? Because it's not correct to have that title after nine or 10 years, and but it doesn't take away any of the goodness and intellect and benefit of Mark's appointment. So I don't know whether you wish to comment on that a bit further, Mark? And thank you very much.
Thank you, Len, and it's a very respectful relationship that we have with you and your organization, and you've always been very fair and reasonable while holding the line. It's never playing the person, it's always focused on the issue, and we acknowledge that and are grateful for the role you play. As I said, I will be standing down exactly for the reasons that Len indicated as lead independent director. If the favor of the Board still stands, I will remain in my role as deputy chairman. The change will occur sometime next year. We have 8 Board members. There are 5 that are totally independent. We are looking to add, in the very near term, an additional Board member. There is a deep pool of talent, much more capable than me, that will take the role.
The only thing I'm worried about is that they'll show me up. But we will have no issue in replacing myself in that lead independent role. Can I just say, though, please, that change the title or not, does not change my independence. Independence is a state of mind and the adoption of a discipline, and you can change a title, but the underlying nature of the human being will remain. I have always been independent. I will remain independent. It is something I value. It is something that I know that you all expect of me, and it will continue. But exactly for the reasons that Len mentioned, we will be making that change in the next, you know, 6-12 months. Thank you.
Thanks, Mark. Are there any further questions on this resolution? If there are no further questions, I'll now put the resolution to a vote. Please complete your vote now. I now propose a resolution to re-elect Ms. Penny Bingham-Hall as a director. Details of this resolution are on the screens. Penny has over 30 years' experience in senior executive and non-executive roles in large ASX-listed companies. She's a non-executive director of Dexus Property Group, Supply Nation, and the Crescent Foundation. Penny is also Chair of the Vocus Group, Taronga Conservation Society Australia, and the advisory committee of the Climate Governance Initiative Australia. She has worked in the construction, infrastructure, mining, and property industries across Australia and the Asian region.
Prior to becoming a company director, Penny was executive general manager of strategy at Leighton Holdings, which is now called CIMIC, Australia's largest construction, mining, mining services, and property group. She's a former director of BlueScope Steel, Australia Post, Port Authority of New South Wales, and Macquarie Specialized Asset Management. Penny has a Bachelor of Arts degree in Industrial Design, is a fellow of the Australian Institute of Company Directors, a senior fellow of the Financial Services Institute of Australasia, and is a member of the Chief Executive Women and Corporate Women Directors. I'd now like to ask Penny to make a brief statement.
Thank you again, Cameron, and good morning again to everyone. I've now been a director of this company for over six years, and like Mark, I'm very grateful that my fellow directors have supported my nomination as re-election. Fortescue's changed an awful lot over that time. I know when I joined the Board, we were very much the third force in iron ore in Western Australia, and I look at where we are now, where we're driving very hard to being a global green technology, energy, and metals company, and it's been a pretty incredible journey. As Mark said, looking forward, I think there's a very exciting journey still ahead of us.
But of course, there are many things about Fortescue that remain the same, and you've heard a lot today about our unique values that not only drive our performance, but how we achieve that performance. Safety is one of those core values, and the health, safety, and wellbeing of all of our people, our Fortescue family, remains our number one priority. People, particularly great people, are central to our future success. So I am delighted and honored to have been appointed to chair the Board's People and Remuneration Committee in July this year. As I said earlier, we haven't got all of our remuneration issues right over the past year, but we have spent time listening to our shareholders, and thank you, Len, for those comments earlier. I really appreciate that.
And we will work together to ensure that our remuneration aligns with shareholder expectations as we go forward, because retaining the talent we've got is incredibly important, and it's also important to drive attractive returns. And again, as you've heard today, you know, that's one thing Fortescue does very well, is we do continue to deliver very attractive returns for shareholders, as well as driving a very ambitious green growth agenda. And that's something I'm really proud of. Proud to be a part of a company that not only delivers top-percentile returns, but also is leading the way in decarbonizing our own operations and developing the technology and the green solutions to help heavy emitters all around the world do the same thing. So as a non-executive director, I offer my commercial experience, both as an executive and non-executive, across construction, infrastructure, mining, and manufacturing.
I also offer my passion for environmental and social sustainability to the leadership and governance of this company. With your support, I look forward to working closely with my fellow directors and management to continue growing what is a truly amazing company. Thank you.
Thank you, Penny. Are there any questions on this resolution? If there are no questions, I will now put the resolution to a vote. Could you please complete your vote now? Thank you. I now propose the resolution to elect Dr. Larry Marshall as a director. Details of this resolution are on your screens. Larry was the longest-serving chief executive of CSIRO and led a transformation which achieved the first growth in 30 years, doubling value delivered to stakeholders, making CSIRO the first Australian entity to reach the Thomson Reuters Global Top 20 Innovators list . He's chair of the American Chamber of Commerce. He's on the Governing Council of the Australian National University. He's on the Australian Government's Circular Economy Ministerial Advisory Group, and on the COVID Vaccines and Treatments Committee of the federal government.
He has a PhD in physics and has been honored for both his business acumen as a fellow of the Australian Institute of Company Directors, but also his technology and engineering acumen as a Federation Fellow and fellow of the Australian Institute of Physics and Academy of Technological Sciences and Engineering, and an inaugural Male Champion of Change STEM , Science, Technology, Engineering and Mathematics. He also served on 20 Boards of high-tech companies operating in the United States, Australia, and China. I'd now like to ask Larry to make a brief statement.
Thank you, Cameron. What an extraordinary company. What an extraordinary journey. But none of it would have been possible without you, the people of Fortescue, and the shareholders who believed in and trusted this amazing group of people. So thank you for everything you've done, your vision, and we hope, all of us, to earn your trust every day that we serve you and this extraordinary company. Today, I'm seeking your support for election as an independent non-executive director of this extraordinary company, Fortescue. I'm a physicist, but I became an inventor and then a chief executive officer. But throughout my career, I've always used the power of science and engineering to turn an idea, to turn invention into something real, into innovation. And Fortescue is such an extraordinary example of turning great ideas into reality and returning extraordinary value to those who trust and support us.
My very first company invented a medical device that cured blindness in diabetics. We IPO'd in Nasdaq back in 1996, and if any of you have a relative with diabetes, it's extremely likely that they've been treated by that laser, by my laser. Now, that was thirty-odd years ago in California, where I spent most of my career. But today, that company still manufactures that product where it was born, in Mountain View, California. And the reason is, the product was so innovative, harnessing the power of science, that it made it extraordinarily valuable, and that meant it could stay at home to grow domestic jobs and to contribute to the GDP of the place where it was born. I led a number of tech companies in my time in the United States, and I had my second IPO in 2006.
But in 2015, I came back to my home in Australia after almost 30 years in the United States, to become the chief executive of your national science agency, the CSIRO. As Cameron mentioned, I led a turnaround which doubled the value of that organization and delivered its first growth in 30 years. But at the same time, we delivered its first reduction in emissions in 100 years, taking it 83% of the way to Net Zero. So profits up and growth up, but emissions down. The very vision of Fortescue.
It's visionary companies like Fortescue that enable us to innovate and manufacture right here at home in Australia, just like my first company did all those years ago, creating the jobs and the economic growth that our country so badly needs for our future. When you talk to the people of Fortescue today, and I hope you will while you're here, they believe passionately in the future of our company, just as you, our shareholders, do. And right now, that passionate team are working on the next extraordinary breakthrough that will deliver even more value to our country and to you, our shareholders. I'm so honored to be permitted to join that team, and I respectfully ask for your support to continue this extraordinary mission. Thank you.
Thank you, Larry. Are there any questions on this resolution? Doesn't look like it. So if there are no questions, I'll now put the resolution to a vote. Please complete your vote now. The last resolution for the day, Resolution 6: change of the company name. Details of this resolution are on the screens. Before we open to questions, I'd like to make some comments on behalf of the Board in relation to the change of company name. Fortescue started out as a proud Western Australian company and is now becoming the number 1 integrated green technology, energy, and metals company in the world. Since its founding 20 years ago, Fortescue has become one of the world's largest producers of iron ore, globally recognized for its world-leading approach to building low-cost, large-scale infrastructure.
Today, we aim to diversify our company into a green energy, technology, and metals, with the aim of bringing greater value to our shareholders. The change of name from Fortescue Metals Group Limited to Fortescue Limited reflects the diversification of the company's operations beyond its traditional mining origins. Are there any questions on this resolution? If not, then could you please proceed to your vote? I'll now proceed to the closing poll. If you could kindly lodge your voting card in the ballot boxes that are circulating the room. Thank you. I now take it that all persons intending to vote have done so. I therefore declare the poll closed, subject to finalization of the poll. Final results of the resolutions will be announced to the ASX later today, as per our usual practice.
Therefore, ladies and gentlemen, this now concludes the formal business of the Annual General Meeting for 2023. Thank you for your attendance. We appreciate you coming out today, and invite you to join us for some light refreshments. Thank you.