Aurizon has declared that workers will pay the price for the company’s failed investment in a Pilbara iron ore mine.

Aurizon - which was inducted into the RTBU’s Hall of Shame last year for terminating 12 enterprise agreements through the Fair Work Commission – now admits that its $210 million gamble on Aquila Resources was a mistake.

According to the AFR, the company's original $210 million investment has turned into a $270 million black hole.

But Aurizon has told investors it can make up for the losses by by sacking more workers and cutting costs.

RTBU National Secretary Bob Nanva said workers should not be the fall guys for problems created by bad management.

“Aurizon’s poor financial results have not been caused by difficult market conditions, they have been caused by the breathtaking incompetence of the company’s senior management.

“You didn’t need to be Nostradamus to predict that Aurizon’s $210 million in Auquila Resources, when the iron ore market was already showing signs of massive over-supply, was going to go pear-shaped.

“In fact, at the time the RTBU warned that Aurizon’s investment was a disaster waiting to happen.

“Now the company has blown the whole lot, and another $60 million on top of that.

“It is absolutely disgraceful that workers are being made the scapegoats for Aurizon’s poor management.”