Queensland government settles $66 million dispute with Fortescue

The Queensland government has reached a confidential settlement with Fortescue to resolve a $66 million lawsuit regarding a failed green hydrogen electrolyser manufacturing facility in Gladstone. The project, which had received $137 million in state and federal funding, was abandoned in 2025 after only seven weeks of testing. Under the agreement, the state will retain value through the transfer of project land, an electrical substation, and associated infrastructure.

Separately, Fortescue is defending its decision not to suspend a high-level executive currently under investigation by MinterEllison for alleged sexual harassment and bullying. This comes amid a class action lawsuit from female employees alleging widespread misconduct at remote mining sites. The company reported 29 cases of sexual harassment or discrimination in its latest annual sustainability report.

In broader economic news, Australia's unemployment rate rose to 4.5% in July, causing a shift in market expectations regarding Reserve Bank interest rate decisions. Meanwhile, the mining sector saw varied results: BHP reported a record $32.9 billion underlying EBITDA, while Whitehaven Coal saw a 41% drop in net profit after tax. The Queensland government continues to support critical minerals through investments in projects like Aeon Metals’ Walford Creek and QMines’ Mt Chalmers.

Additionally, the Queensland Minerals and Energy Academy is expanding its regional presence with a new hub in Rockhampton, aiming to provide 10,000 students with exposure to STEM and resource industry careers.