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.
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.
