Fortescue has been recognised for its commitment to providing long term, sustainable business development opportunities for Aboriginal businesses at the 2022 AMEC Awards.
The Company was awarded the AMEC Aboriginal or Torres Strait Islander Empowerment Award in recognition of its industry leading Billion Opportunities program.
Since the program was established in 2011, more than A$4 billion in contracts and subcontracts have been awarded to over 140 Aboriginal businesses, forming a critical element of Fortescue’s approach to ensuring economic opportunity and growth for the Traditional Custodians of the regions in which it operates.
The program has driven real change in government policy across Australia and was the blueprint for the Commonwealth Government’s Indigenous Procurement Policy.
Director of Communities, Environment and Government, Warren Fish said, “We strongly believe that procurement is a powerful lever for social and economic change. A strong Aboriginal business sector is best placed to create employment and development opportunities for their communities.
“This program is a partnership between Fortescue and our Aboriginal business partners, providing them with the tools to build value while improving their competitiveness and capability.”
Fortescue’s Billion Opportunities program is complemented by a range of practical initiatives that provide Aboriginal businesses with the tools to build value and sustainability, which in turn, creates employment and development opportunities.
This includes Fortescue’s ANZ funding scheme which allows eligible Aboriginal businesses to access finance at a competitive rate. Fortescue acts as guarantor, which removes the need for the Aboriginal business to provide security.
Key facts
- In FY22, Fortescue purchased A$452 million worth of goods and services from Aboriginal businesses. Nearly 90 per cent of this spend was with businesses owned by native title partners and their members.
- Fortescue also awarded or extended 32 contracts to a value of A$513 million to Aboriginal businesses.
