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Fortescue delivers big profit, big dividend, big drama – The Australian Financial Review
Fortescue’s massive profit and dividend was somewhat overshadowed by drama at its Iron Bridge project and a change to its capital allocation policy.
Put simply, bad news about a cost blowout at the project its price tag was increased from $US2.6 billion to $US3 billion on Thursday had not been pushed up to senior management as it should have been, a big breach of Fortescues much-hyped culture.
Lilleyman walked the plank, a new project team is now in charge and will spend 12 weeks completing a review of the project to get it back on track.
Gaines says FMGs commitment to Iron Bridge and safeguarding its culture are rock solid; she says Lilleymans…
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