Australia's Fortescue to axe 700 jobs in July

Australian mining and green energy company Fortescue Ltd (ASX:FMG) on Wednesday announced plans to lay off 700 employees from across its global operations by the end of the month to make sure that its structure is “lean, impactful and agile.”

Fortescue, which is engaged in both renewables and green hydrogen, said in a statement it remains committed to achieving Real Zero by 2030.

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“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,” the statement reads.

Alongside the job cuts, Fortescue announced the appointment of Acting Chief Financial Officer Apple Paget as Group Chief Financial Officer, of Chief Corporate Officer Shelley Robertson as Chief Operating Officer, and of Assistant Company Secretary Navdeep (Mona) Gill as the Secretary of the Company.