Australia's Fortescue Metals Group Ltd said on Monday it would take over operations at its Christmas Creek mine from September, after an outsourcing contract expires with mining services company Downer EDI Ltd .
Fortescue, the world's No. 4 iron ore producer, is among several large Australian miners under pressure to slash overheads as the price of the steel-making ingredient hovers around a quarter of its $200-a-tonne highs.
"Adoption of an owner-operator model will further reduce Fortescue's costs through ongoing improvement of the efficiency and productivity of our Christmas Creek mining operations," Fortescue Chief Executive Officer Nev Power said in a statement.
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