"The company has undergone a period of rapid growth and transition, and as part of bringing together metals and energy into One Fortescue, initiatives are being implemented to simplify its structure, remove duplication and deliver cost efficiencies," Fortescue said in a statement.Andrew Forrest's mining and green energy company Fortescue is cutting 700 jobs.
"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. "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.Man who was jailed over 'toolbox' killings wins verdict appealExecutive chairman Forrest has been a prominent advocate for green hydrogen as a clean energy source, but has reportedly scaled back his company's ambitions to be a major producer of the energy-intensive fuel.
Fortescue was established in Western Australia in 2003 and ships more than 190 million tonnes of iron ore each year.