Fortescue Mining Company to Cut 700 Jobs Amid Green Technology Commitment

Australian mining magnate Andrew Forrest‘s Fortescue mining company has revealed plans to reduce its workforce by 700 employees as part of a significant restructuring effort. The Perth-based firm, known as FMG, made the announcement in a statement to the Australian Stock Exchange, emphasizing its unwavering dedication to its green technology vision.

The restructuring aims to ensure Fortescue remains a streamlined, impactful, and adaptable organization. According to the company, approximately 700 individuals from various global operations will be offered redundancy packages, with the process set to conclude by the end of July 2024.

Despite the workforce reduction, Fortescue reiterated its strong commitment to advancing its green technology initiatives and stressed the necessity to evolve in order to execute its strategy effectively and deliver optimal value for shareholders. The company expressed gratitude for the contributions of all individuals affected by the changes.

In a separate statement, executive chairman Andrew Forrest underscored the company’s resolute stance on achieving its decarbonization goals by 2030. Forrest emphasized the importance of embracing change for improvement, highlighting Fortescue’s pioneering spirit and unconventional approach to business.

Fortescue, which operates extensive iron ore operations in Western Australia’s Pilbara region and exported 192 million tonnes of ore in the 2022-23 fiscal year, has recently shifted its focus towards green hydrogen development and decarbonization initiatives. The company’s decision to reduce its workforce has raised speculations among analysts regarding the impact on its green hydrogen ambitions.

Notable figures within Fortescue, such as former executive Fiona Hick, have departed from their roles in recent times, contributing to a period of senior staff turnover within the organization. Despite challenges and changes in leadership, Forrest has defended the transitions as essential for a business undergoing transformation.