Fortescue, Australia-based metal mining company, announced Wednesday it will cut 700 jobs globally as the company restructures its mining and energy divisions.
In a statement to the Australian Stock Exchange, the company said it is implementing initiatives ‘to simplify its structure, remove duplication and deliver cost efficiencies,’ as part of the merger of Metals and Energy into One Fortescue.
Fortescue must continually evolve in order to ‘deliver on its strategy and generate the maximum value for shareholders,’ the company added.
‘As part of this, approximately 700 people from across Fortescue’s global operations will be offered redundancies,’ it said, adding the layoffs will be finalized by the end of July.
‘Fortescue remains resolute in its commitment to be the world’s leading green technology, energy, and metals company with a laser focus on achieving Real Zero by 2030,’ it added.
Layoffs reportedly are part of Fortescue’s shift to scalable renewable energy.
The company also advised the appointment of a Chief Financial Officer, Chief Operating Officer and Company Secretary, together with the simplification of its structure.
