What happened at Fortescue?

By in Commodities, Iron ore price

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Yesterday we got a little shock from Fortescue. It came in the form of the resignation of three key executives associated with its Iron Bridge expansion:

OK then. Not much to add. I can only observe that the focus on culture and behaviour seems a little out of step with the cost overrun crisis.

There were also a few hints in the broader media. The West has this lead but no page and no story:

Three executives have left Fortescue after huge costs in its Iron Bridge project. Three high-ranking officials at Fortescue Metals have resigned over an undisclosed matter which was largely about people and behaviour, according to a tight-lipped boss Elizabeth Gaines.

In short, be careful of further management risk.

David Llewellyn-Smith
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