Andrew Forrest’s Fortescue mining company has announced it is slashing 700 jobs while affirming its “resolute” commitment to its green technology vision.
In a statement to the Australian Stock Exchange, Fortescue (FMG) said the restructure would ensure the Perth-based mining company remains “lean, impactful and agile.”
“As part of this, approximately 700 people from across Fortescue’s global operations will be offered redundancies, with that process to be finalised by the end of July 2024,” the statement read.
The company said it remained committed to its green technology developments, and must evolve to deliver on its strategy, and generate maximum value for shareholders.
However, it said the company was “grateful for the contribution of all those impacted by these changes.”
Forrest makes no mention of cuts
Executive chairman Andrew Forrest issued a separate statement shortly after, but did not mention the job cuts.
He said the company was “absolutely resolute” in its commitment to achieving its decarbonisation goals by 2030 and that “without change, improvement is impossible”.
“Being a first mover isn’t easy, but as we learnt 21 years ago, risk is always worth the reward,” he said.
“Part of the reason Fortescue is the highest performing company on Australia’s Stock Exchange is that we do things differently.
“We do not apologise for requesting people leave their corporate culture behind when they join us … nor will we apologise when we don’t look like everyone else.”
Fortescue has extensive iron ore operations in WA’s Pilbara, and in 2022-23 exported 192 million tonnes of ore.
However, in recent years it has been focusing on the development of green hydrogen and the decarbonisation of its operations.
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