FMG slashes spending, hits contractors
Fortescue Metals Group chief executive Nev Power.
Heavily indebted iron ore miner Fortescue Metals Group has deferred $1.6 billion of spending on its expansion projects and cut “several hundred” jobs in a dramatic reaction to the sharp plunge in iron ore prices.
Fortescue said staff numbers and operating costs would be cut to immediately save $300 million, “to secure the profitability and liquidity of the company”.
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BETA
Fortescue Metals Group (FMG)
Total Shareholder Return as at 30/06/2012
| 1 year TSR | 5 year TSR | ||
|---|---|---|---|
| 228th | Fortescue Metals Group | -22% | 8% |
| 229th | Woodside Petroleum | -22% | -5% |
| 266th | Iluka Resources | -29% | 17% |
| 383rd | Atlas Iron | -45% | 8% |
| 433rd | Mount Gibson Iron | -51% | -12% |
680 WA listed companies ranked by 1 year TSR relative to WA companies with similar revenue
Shareholding
| Peter Meurs | 25,957,900 | ||
| Graeme Rowley | 18,145,000 | ||
| Herb Elliott | 2,167,940 | ||
| Neville Power | 757,389 | ||
| Stephen Pearce | 45,613 | ||
| Owen Hegarty | 40,000 |
Number of shares
Share Transactions
Total value as at the date of the transaction
Revenue
| 1st |  | Woodside Petroleum | $7,186.0m |
| 2nd |  | Fortescue Metals Group | $6,575.2m |
| 3rd | | Iluka Resources | $1,160.3m |
| 4th | | Mount Gibson Iron | $689.5m |
| 5th | | Atlas Iron | $643.7m |
572 WA listed resource companies ranked by revenue
Remuneration from Fortescue Metals Group
| 2nd | Peter Meurs | $8.152m |
| 16th | Neville Power | $3.015m |
| 38th | Stephen Pearce | $1.659m |
Ranked by total remuneration from all listed WA companies
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