What’s boosting the Fortescue share price on Wednesday?

The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher on Wednesday.

In morning trade, the iron ore giant’s shares are up 1.5% to $19.74.

What’s going on with the Fortescue share price today?

Investors have been bidding the Fortescue share price higher on Wednesday following a positive night of trade for the iron ore price.

Due to hopes that China may ease its COVID restrictions following recent protests, iron ore futures topped US$100 a tonne again. This bodes well for the profitability or iron ore miners like Fortescue.

Anything else?

In other news, this morning the miner has announced a major new appointment.

According to the release, the company has snared Fiona Hick from Woodside Energy Group Ltd (ASX: WDS) to lead its iron ore business, Fortescue Metals.

As CEO, Hick will be reporting to the Fortescue board, along with Fortescue Future Industries (FFI) CEO, Mark Hutchinson.

The release explains that the Fortescue Metals CEO will work with Hutchinson to lead the company in its transition to a global green metals and energy company.

This includes delivering Fortescue’s global metals strategy –

To be the most successful iron ore operator in the world, to lead exploration and development into critical minerals and rare earths, and to decarbonise Fortescue in partnership with FFI, creating significant additional value for shareholders.

Why join Fortescue?

Fiona Hicks revealed that she made the switch due to Fortescue’s aim of transitioning into a global green metals and energy company. She commented:

I have enjoyed and grown immensely during my 20 years in energy. I am as committed to the new future of the world as Andrew is. We must provide the metals and the energy which will help to accelerate the energy transition. I join with, and commit to, Andrew and Fortescue’s vision of becoming the leading green metals and energy company globally.

Fortescue’s founder and executive chairman, Dr Andrew Forrest AO, added:

We are looking forward to Fiona joining us, a deeply respected and experienced executive, to help lead us to step beyond fossil fuels, making our company ever stronger and always creating additional value for shareholders. Fortescue has only had three Chief Executives since it was founded in 2003. We welcome Fiona in our 20th year to lead our green metals company.

The post What’s boosting the Fortescue share price on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• The 10 ASX 200 shares responsible for 60% of all Aussie dividends last quarter
• Here’s what’s boosting these ASX 200 mining giants today
• Did Fortescue just lose out on this multi-billion dollar green hydrogen project?
• Up 30% in a month, why the Fortescue share price could have further to run: fundie
• Where will Fortescue shares be in 5 years?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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