Fortescue (ASX:FMG) will purchase autonomous electric platform drills and autonomous electric contour drills from Epiroc in a deal worth AU$350 million, according to a Wednesday statement from the company.
More than 50 electric drill rigs will be delivered by 2030 as part of Fortescue's phased replacement of diesel-powered equipment.
The autonomous electric fleet can eliminate around 35 million liters of diesel consumption annually, the company said.
Fortescue's shares were down 1% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.