Andrew Twiggy Forrest’s Fortescue mining company has announced it will cut 700 jobs.
The mining billionaire told its nearly 16,000 employees that it will primarily target white-collar positions, including senior management, on Wednesday afternoon.
The decision comes after the mining company now sets its sights on producing cheap renewable energy at scale.
In a statement to the Australian Stock Exchange, Fortescue said the restructure meant the Perth-based mining company was implementing ‘initiatives’ that will ‘simplify its structure, remove duplication and deliver cost efficiencies’.
‘The Company must continually evolve to ensure it remains lean, is best positioned to deliver on its strategy and generate the maximum value for shareholders,’ the statement read.
‘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.
‘Fortescue is grateful for the contribution of all those impacted by these changes.’
Andrew Twiggy Forrest’s Fortescue mining company has announced it will cut 700 jobs
Since 2020, Forrest has been promoting green hydrogen as an emissions-free fuel, looking to partner with governments in regions capable of generating large amounts of wind, solar, or hydropower.
These endeavours seem to have revealed that the energy needed to extract hydrogen from water is remarkably expensive
More to come