The ASX 200 may be pushing higher, but the Fortescue Metals Group Limited (ASX: FMG) share price isn't going anywhere in early trade.
At the time of writing, the mining giant's shares are paused.
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Why is the Fortescue share price paused?
The Fortescue share price has been paused this morning ahead of the release of an announcement.
A market release explains: "Trading in the securities of the entity will be temporarily paused pending a further announcement."
What is the announcement?
It remains unclear whether the announcement will simply be a trading halt request ahead of the release of a further announcement tomorrow or will be related to its Fortescue Future Industries business.
In respect to the latter, according to the Financial Times, the business has signed a memorandum of understanding with German energy group E.ON aiming to build enough renewable energy capacity to power a country roughly the size of the UK.
In addition, the company has pledged to produce and export enough green hydrogen to Germany to replace about a third of the country's gas imports from Russia.
However, this will require a huge investment. Fortescue's chair, Andrew Forrest, advised that the plan would require a US$50 billion investment.
More to come.
