$834m in blowouts spur Fortescue exits

Original article by Nick Evans
The Australian – Page: 15 & 18 : 17-Feb-21

Fortescue Metals Group has advised that chief operating officer Greg Lilleyman has left the pure-play iron ore miner in the wake of a sharp rise in the cost of its Iron Bridge magnetite project. Fortescue’s director of projects Don Hyma and Iron Bridge project manager Manie McDonald also recently stepped down. The Iron Bridge project was initially slated to cost $US2.6bn, but this is believed to have blown out by about $US650m. CEO Elizabeth Gaines and CFO Ian Wells will forgo their annual bonuses for 2020-21 due to the cost blowout.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s