FMG workers lose their jobs
UPDATE 3.00pm: As many as 200 Fortescue Metals Group mine workers have been made redundant today.
It is understood the majority of affected staff are truck drivers associated with iron ore miner’s Cloudbreak mine in the Pilbara.
Some workers are also believed to have been let go from the company’s Christmas Creek operation.
It is understood the redundancies are a consequence of the company’s recent announcement of shift changes across its operations, which FMG suggested earlier this month could ultimately result in the loss of as many as 700 jobs.
FMG announced earlier this month that it would restructure its work rosters from eight days on, six days off to two weeks on, one week off.
A spokesman for the company said at the time that job cuts could not be ruled out and the miner was looking at ways to transfer workers affected by the changes.
The company is battling to keep its operations profitable following the recent plunge in the iron ore price.
Last week, FMG announced a $US2.3 billion ($A2.96 billion) bond issue as part of a debt refinancing package.
Its shares have risen from a low of $1.75 earlier this month to a close of $2.27 today on that and an improving iron ore price.
The iron ore price is up 15 or so per cent from its recent low of $US47.08 a tonne.
Yesterday’s iron ore price at the Chinese port on Qingdao was $US59.88 a tonne.
