Elizabeth Gaines, CEO of Fortescue, said the resignations came after a review determined a breakdown in team culture, which resulted in poor communication at the leadership level between the project team and the organization at large.
The news was not shared and that meant the challenges were not being resolved in a timely manner, Ms Gaines said.
UBS resource analyst Glyn Lawcock said the revelations were concerning and could affect investor confidence in Fortescues’ plans to lead a global push in green energy industries such as hydrogen, solar, wind and hydropower in the coming years in Australia and around the world.
You have a company that is looking to expand its wings, both geographically, in terms of commodities and technology, Lawcock said. If you are struggling to deliver a magnetite project in WA to your own backyard … markets have lower confidence in your ability to deliver something to an emerging country.
Investors were eager to figure out what was wrong and would follow the situation closely to ensure it did not happen again in future projects, Mr Lawcock said.
You invest in a company for its track record and its ability to deliver, he says. When it has a fault, you watch it closely to see if it’s systemic or not.
Fortescue is the third Australian iron ore giant to report profits this week, with BHP and Rio Tinto also exceeding expectations by delivering record returns to shareholders.
Fortescues’ performance for the first half of fiscal 2021 has been exceptional, Ms. Gaines said. We are very proud of the entire team which has delivered our best half-year operational and financial results since the creation of the company.
The founder, president and main shareholder of Dr Forrest Fortescues increased his stake in 2020 and now owns more than 36% of the company.
Dr. Forrest is the richest person in the country and a leading philanthropist. He and his wife, Nicola, co-founded the Minderoo Foundation and have donated $ 2 billion since 2001.
Iron ore is Australia’s main export commodity, accounting for $ 100 billion in annual export earnings. The product’s price has defied repeated predictions that it was late for a fall, and has doubled in the past year to reach US $ 170 per tonne as massive economic stimulus packages in China fuel robust demand for the same time that the disturbances affect the rival iron. ore suppliers to Brazil.
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