From The Guardian:
About 700 jobs will be lost at Fortescue Metals, its founder Andrew Forrest has confirmed.
Forrest described the job cuts, from a workforce of about 4,500, as “personally tragic” and “heartbreaking”, but said the iron ore company was still making profits, with a break-even price of about US$39 a tonne.
…The billionaire and philanthropist took another swipe at the mining giants for increasing output when prices were low.
“They did try and crush all competitors overseas and in Australia to gain, what I would say, not worth it points of market share,” he told the ABC on Wednesday.
Take some responsibility, mate. You created a peak-0f-cycle business with too much debt and now that the cycle has turned the piper has come calling. It’s nobody’s fault but your own.
