Australian mining major Fortescue Metal:
- Capital expenditure in fiscal 2014 is expected at just $2.1bn, two thirds below what it spent in 2013
- Reflects the the transition from an investment phase to a production phase in mining
Announcements as part of Fortescue’s earnings announcement. These developments in capex are not new news at all (eg. here’s a post from May 2013 on the subject)
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Huge capex investments were a driver of employment growth in Australia in recent years, but the transition to the production phase (which requires less employment) is weighing on jobs growth.
