Australian iron ore miner Fortescue cuts senior executive jobs

jueves 4 de diciembre de 2014 03:50 GYT

SYDNEY Dec 4 (Reuters) - Australian iron ore miner Fortescue Metals Group Ltd on Thursday terminated several senior executive positions but denied it was in response to a sharp downturn in ore prices.

"There have been a small number of changes to our senior management," Byron Value, a company spokesman, told Reuters.

"This is part of the normal evolution of our business and not a reaction to the market environment or performance related," he said.

Fortescue is the third Australian iron ore mining company to cut its senior staff in less than two weeks.

Last week BC Iron reduced the size of its board to five directors from eight and pledged to lower its directors' fees beginning Jan. 1 in a display of "responsible management".

Atlas Iron Ltd on Tuesday cut its board to six members from eight and reduced directors' fees by 15 percent.

Iron ore prices have halved in 2014 to the lowest in more than five years as the top producers Vale, Rio Tinto and BHP Billiton flood the market with millions more tonnes of ore, hurting smaller competitors.

Iron ore .IO62-CNI=SI stood at $69.50 a tonne.

Rio Chief Executive Sam Walsh last week labelled iron ore mining in the current climate survival of the fittest and said there were no plans to slow production.   Continuación...