Iron ore price weakens as Australia flags return to sub-$100 prices
Futures dropped for a fourth day in Singapore, to trade about 3% lower for the week.
Australia’s Fortescue Metals Group said on Monday Ian Wells will step down as chief financial officer of the group at the end of this month, adding to the list of latest resignations by senior executives to hit the iron ore giant.
Wells, who joined Fortescue in 2010 and has been the CFO since 2018, leaves the iron ore giant at a time when the group is expanding into mining of critical minerals and rare-earths and is also endeavouring to transition into a green energy firm through its unit Fortescue Future Industries.
Wells’ resignation is the latest in the top management departures at Fortescue, wiping out almost all of the senior executive leadership team from a year-ago period.
Fortescue said Wells resigned “to pursue other opportunities”, but will continue in his current role until Jan. 31 and that the company is undertaking a process to identify a successor.
The iron ore giant had appointed former Woodside Energy executive Fiona Hick as its chief executive officer last November, effective February 2023.
(By Riya Sharma; Editing by Daniel Wallis and Sherry Jacob-Phillips)
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