FMG slashes spending, hits contractors
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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