Sydney, Feb 20, 2026, 17:38 AEDT — The session wrapped up with markets now closed.
Fortescue Ltd (FMG.AX) slipped 1.3% to close at A$20.04 on Friday, drifting between A$20.04 and A$20.52 through the session. Volume came in around 6.4 million shares.
The ASX is closed until Monday, but attention is already shifting to Fortescue’s FY26 half-year results, due out Feb. 25. Investors are watching for any signals on dividends and cost moves in Australia’s iron ore space.
Iron ore’s price remains in focus for investors, given its key role in Fortescue’s earnings. The benchmark 62% Fe futures were recently at $99.61 a tonne, Investing.com showed. (That’s the standard grade, approximately 62% iron, and widely tracked worldwide.)
Fortescue is advancing plans for another Pilbara venture. The Wyloo North iron ore project, according to SteelOrbis, proposes a 12 million-tonne-per-year operation, moving ore by truck to the company’s Eliwana hub for processing. The expected lifespan for the project, including both construction and closure, is about 20 years.
Western Australia’s Environmental Protection Authority is taking public comments on the project through Feb. 24, according to Argus. The application puts scope 1 emissions at as much as 52,311 tonnes per year, covering direct output from mining and on-site operations. Wyloo North, it says, would lean heavily on renewables and batteries but keep diesel generators in reserve.
Fortescue continues to highlight its electrification push in the Pilbara. The company’s two new battery-electric locomotives, each packing 14.5 megawatt-hour batteries, are expected to cut diesel use by about one million litres annually. “This infrastructure enables renewable power to replace diesel and gas, in real time, across the Pilbara,” said metals and operations CEO Dino Otranto. IOM3
Next week, the numbers arrive. Traders want to see unit costs, actual prices, and details on Fortescue’s spending plans for power and fleet upgrades — the items that set the tone for dividends.
Rio Tinto and BHP shift in lockstep with iron ore, rarely escaping the gravity of China’s demand numbers. Fortescue, more exposed to the bulk market than most, usually catches the first shockwaves.
Still, a number of things could derail the plan. If Wyloo North faces delays in the approvals process, or construction costs creep up, or if iron ore prices fall harder than expected, Fortescue could end up shelling out more just as margins get squeezed.
