Capital and replacements
A$11.7bn of initial capital, timed by build status, plus replacements.
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- Grid capital is ITK’s estimate at CSIRO GenCost 2025-26 unit costs plus 15% for Pilbara construction, timed by each asset’s status in Fortescue’s FY26 reports: operating or built (FY24–26), under construction (FY27–28) and not started (FY28–30).
- Equipment premium is the extra cost of electric over diesel trucks, excavators, drills and other mobile plant. Fortescue’s CEO said “a third for all the kit” of the US$6.2bn programme (FY26 results call): US$2.07bn, A$2.97bn.
- Replacements: grid batteries after 20 years at GenCost’s projected 2049 cost; chargers after 15 years and in-mine lines after 10 years at today’s cost. The next electric fleet is assumed to cost the same as diesel, so it carries no premium.
The in-mine 33 kV lines (A$212m) are an unverified ITK assumption.
Sources: CSIRO GenCost 2025-26 (Appendix Tables B.5 and B.9); Fortescue FY26 annual report and results call; ITK estimates.