Maintaining costs is the reported impetus for a plan by Australia’s Fortescue Metals Group (FMG) to reduce jobs by a “few hundred” at its Pilbara region operations.
An unnamed source reportedly told Reuters that it kicked off its move by laying off more than 100 at its Iron Bridge magnetite project, calling it “business as usual” for the miner.
Local reports last month had said the payroll slices could rise as high as 1,000. The move also comes during a time of lower iron ore prices tied to China lockdowns.
"Projects such as Iron Bridge are coming into production phase soon, while our work in Gabon is just kicking off,” FMG told Reuters in a statement.
“As this occurs project staffing naturally ebbs and flows."
Fortescue is one of the world’s top producers of iron ore. Its assets in the Pilbara include Chichester Hub, Solomon Hub, Western Hub, Hedland Operations and the Iron Bridge magnetite project still under development.
Iron Bridge is a joint venture between Fortescue’s subsidiary FMG Magnetite (69%) and Formosa Steel IB (31%).