Fortescue said it "must continually evolve" to ensure the company generates maximum value for shareholders, it said in a statement to the Australian Stock Exchange on Wednesday.
"As part of this, approximately 700 people from across Fortescue's global operations will be offered redundancies, with that process to be finalised by the end of July 2024," the company said.
"Fortescue is grateful for the contribution of all those impacted by these changes."
The company said its streamlined team would be almost 50 per cent women.Â
"Diversity will continue to be a key measure of our performance, with new targets implemented to drive diversity across the business," it said in the statement.
Fortescue remained committed to its green technology vision, it added.
"The company has undergone a period of rapid growth and transition, and as part of bringing together metals and energy into One Fortescue, initiatives are being implemented to simplify its structure, remove duplication and deliver cost efficiencies," it said.
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