Fortescue announces leadership shuffle as COO and energy chiefs retire
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More news: After reaffirming current fiscal year guidance for shipments, but flagging the troubled Iron Bridge magnetite mine in Western Australia would to hit nameplate capacity only in FY28, Fortescue announced a leadership shuffle as two executives step down.
An ASX announcement states that Fortescue CEO metals and operations, Dino Otranto, will assume an expanded role to include operational responsibility for global electrification and decarbonisation and production of hydrogen plants.
The mining company added that March Hutchinson will retire as CEO energy, stepping into a global marketing role and senior board advisor for the next year. Shelley Roberson will also step down as COO to pursue non-executive director duties.
Agustin (Gus) Pichot, previously president of Fortescue’s Latin America operations, has been appointed CEO of growth and energy from July 1.
What they said: Fortescue CEO and executive chairman, Andrew Forrest, said: “We thank Mark and Shelley for their valuable efforts since joining Fortescue, they have been instrumental in setting this Company up for future success. The Board welcomes Gus to the role of Chief Executive Officer where he will continue to lead and grow our business.”
Fortescue slips on Iron Bridge outlook
More news: Shares in Fortescue were down 1.3% to $15.92 in early trading after the iron ore exporter said its troubled Iron Bridge magnetite mine in Western Australia is expected to hit nameplate capacity only in FY28. It will lift shipments next fiscal to 10 to 12 million tonnes and reach an annualised production rate 16 to 20 million tonnes in the second half of FY27.
Nameplate capacity of 22 million tonnes per annum is targeted in FY28, it said. The project has faced multiple issues, including cost overruns, technical problems, and a significant pipeline leak.
Fortescue says Iron Bridge to hit capacity in FY28
The news: Mining giant Fortescue expects to lift production at its troubled Iron Bridge magnetite mine in FY26, with the project expected to hit nameplate capacity only in FY28.
The numbers: The group reiterated the current fiscal year guidance for shipments of 5 million to 9 million tonnes from Iron Bridge, announced last month.
It is now targeting shipments of 10 million to 12 million tonnes in FY26, and an annualised production rate 16 million to 20 million tonnes in the second half of FY27.
Nameplate capacity of 22 million tonnes per annum is targeted for FY28, with further process optimisation anticipated.
The context: Iron Bridge remains an important operation for Fortescue, “increasing production and shipping capacity, while complementing and enhancing its existing product portfolio,” the miner said.
The company last month said a review of the schedule for the troubled magnetite project would be completed by June. Fortescue owns 70% stake in the operation. The Western Australian project has faced multiple issues, including cost overruns, technical problems, and a significant pipeline leak.
