- Write by:
-
Wednesday, March 10, 2021 - 1:32:34 PM
-
478 Visit
-
Print
Mining News Pro - Fortescue Metals Group is redeploying contractors from the Iron Bridge magnetite project in Western Australia to other sites after completing a review of its operational strategy.
Company chief executive Elizabeth Gaines said this could impact around 380 contractor positions as Fortescue was completing its review.
This leaves around 1700 employees and contractors at the Iron Bridge project after redeployments.
Iron Bridge was scheduled for an estimated $US2.6 billion ($3.4 billion) of capital costs in April 2019 when Fortescue announced its final investment decision for a stage two development.
“In February, Fortescue completed a detailed review of the Iron Bridge magnetite project which indicated a revised preliminary capital estimate of up to $US3 billion, with a further 12-week technical and commercial assessment under way scheduled to be completed in mid-May 2021,” Gaines said.
“We are drawing on the innovative and technical expertise of the whole Fortescue team as we undertake this comprehensive project assessment, which includes a review of our contractor strategy and selection.”
The review has resulted on the departure of Fortescue chief operating officer Greg Lilleyman and directors Don Hyma and Manie McDonald last month.
Gaines said in February that the company had “lost sight” of its values and culture inside the Iron Bridge team.
She and chief financial officer Ian Wells have volunteered to give up their incentive payments this financial year.
“We take this opportunity to reset the company’s focus on our culture and values which defines us and makes Fortescue a truly great company,” Gaines added at the time.
According to Gaines, works on critical path items including engineering, off site fabrication, procurement activities and site-based civil works at the Iron Bridge project are continuing.
The Iron Bridge project is owned under a joint venture arrangement between Fortescue and Taiwan’s Formosa Steel IB.
It is targeted to produce 22 million tonnes a year of high grade 67 per cent iron magnetite concentrate product.
The project is 145 kilometres south of Port Hedland.
Short Link:
https://www.miningnews.ir/En/News/611744
A Brazilian federal court rejected a request made by the country’s solicitor general’s office asking that miners Vale, ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
BHP’s plan to divest the South African assets of its target Anglo American are key to the strategy behind the proposed ...
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
BHP Group (ASX: BHP) has deployed a senior team including its chief executive officer to South Africa as the world’s ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
BHP Group Ltd.’s proposal for Anglo American Plc to spin off platinum and iron ore units before a takeover would likely ...
Iron ore will average more than $100 a ton this year as the worldwide market remains tight, despite China’s property ...
No comments have been posted yet ...