Fortescue is celebrating more than $5 billion in contracts and sub-contracts awarded to 200 First Nations businesses since 2011.
The milestone was reached through the iron ore major’s Billion Opportunities program, which is a cornerstone of Fortescue’s strategy to create lasting economic opportunities for First Nations businesses.
With a focus on sustainable development, the program not only supports individual businesses but also aims to enrich the broader community, helping to build a stronger, more resilient economic future.
“We strongly believe that procurement is a powerful lever for social and economic change and we’re immensely proud of how this program has opened doors for First Nations businesses, sparking growth and creating ripple effects that benefit entire communities,” Fortescue Metals chief executive officer Dino Otranto said.
“The success of the Billion Opportunities program is credit to our First Nations business partners who have backed this program from the very beginning. It’s been a privilege to watch them go from strength to strength and build long lasting value.”
Fortescue has partnered with ANZ through the program since 2017 to offer a funding initiative that provides eligible First Nations businesses with access to competitive financing.
Fortescue’s role as guarantor eliminates the need for businesses to provide security, allowing them to retain ownership of assets and leverage them for future growth.
Otranto said the Billion Opportunities program is a beacon of what can be achieved when businesses and communities work together towards a shared vision of prosperity and sustainability.
“We actively seek out First Nations businesses to work with whether it’s a cleaning supplies company or someone providing earth moving equipment, and initially they may be a very small operation with a handful of people, but by working with them in a collaborative way, we have seen them really grow,” he said.
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