Electric haul trucks could save Fortescue over $400 million in fuel per year [update]

Fortescue is marching towards zero emissions as it invests in new, zero-emission mining equipment options across its global operations. And that investment? It’s already paying off. One analyst says the company’s saving almost $400 million in fuel costs alone. Each year.

UPDATE 26APR2026: $400 million was BEFORE the war in Iran!

The business case for electrifying ultra class heavy haul trucks was already pretty solid when this piece was originally written late last summer – and since US President Trump’s attacks on Iran triggered the closing of the Strait of Hormuz and spiked global fuel costs for the foreseeable future, that case has only gotten stronger.

As we’ve seen with smaller domestic fleets in the US, the fuel savings from switching to electric can be hugely significant, but still measured in the thousands. For a mining giant like Fortescue, however, even small swings in fuel prices can translate into massive, multi-million dollar impacts to the company’s bottom line. In that context, electrification isn’t just about decarbonizing and reducing air pollution – it’s about sustainability of a different kind: the ability to sustain your business without exposing to geopolitical risks, supply chain disruptions, and price shocks that companies can’t control.