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(Bloomberg) -- Billionaire Andrew Forrest is scaling back his plans to turn Australian miner Fortescue Ltd. into a green hydrogen heavyweight, blaming high energy prices for a setback that has prompted an overhaul of the group and 700 job cuts.
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>>> Read more: Fortescue Hits Brakes on Green Hydrogen Plans and Cuts 700 Jobs
Most Read from Bloomberg
US Floats Tougher Trade Curbs in Chip Crackdown on China BlackRock Says Gunman From Trump Rally Appeared in Firmâs Ad Trump Security Tightened on Iran Plot Intel; No Link to Shooting HSBC Names Elhedery CEO, Picking Insider...
>>> Read more: Fortescue Hits Brakes on Green Hydrogen Plans and Cuts 700 Jobs
