Fortescue cuts 700 jobs, slows down green hydrogen plans
Fortescue is revising plans to become a major green hydrogen producer, citing high energy costs as the main reason for restructuring and layoffs.
Fortescue is revising plans to become a major green hydrogen producer, citing high energy costs as the main reason for restructuring and layoffs.
Britain's biggest steel producer started closing one of its carbon-intensive blast furnaces on Thursday.
Bullion is up more than 2% for the week so far.
After surging to a record above $2,450 an ounce, bullion has traded in a fairly narrow range amid the uncertainty over the Fed’s rate trajectory.
The layoffs include both permanent and temporary layoffs with up to 90 positions being cut in Finland.
Some 469 employees were transferred to Sibanye's other PGM operations, while another 226 were taken off the payroll.
The planned restructuring of its loss-making South African gold operations may impact 3,107 employees and 915 contractors.
“We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty," one analyst says.
The nation’s platinum sector — which accounts for about 70% of global output — has been a key export industry.
The miner kicked off in October a restructuring process at its four loss-making mines that was expected to result in the loss of 4,095 jobs.