Andrew Twiggy Forrest’s mining company Fortescue has announced it will cut 700 jobs.
The mining billionaire told his nearly 16,000 employees on Wednesday afternoon that he will focus primarily on office-based roles, including senior management.
The decision comes as the mining company now focuses on producing cheap, renewable energy on a large scale.
In a statement to the Australian Stock Exchange, Fortescue said the restructuring will see the Perth-based mining company implement “initiatives” that will “simplify the structure, remove duplication and deliver cost savings”.
“The company must continually evolve to ensure it remains lean, best positioned to execute its strategy and generate maximum value for shareholders,” the statement said.
‘As part of this, approximately 700 people across Fortescue’s global operations will be offered redundancies, with the process due to be completed by the end of July 2024.
‘Fortescue is grateful for the contributions of everyone affected by these changes.’
Andrew Twiggy Forrest’s mining company Fortescue has announced it will cut 700 jobs
Since 2020, Forrest has been promoting green hydrogen as an emission-free fuel and wants to collaborate with governments in regions that can generate large amounts of wind, solar or hydropower.
These efforts appear to have revealed that the energy required to extract hydrogen from water is remarkably expensive
More to come