THE world’s largest miner, BHP Billiton, has cut 500 Australian jobs out of its iron ore business.
The jobs have gone in the last month, many more are expected and are linked to an ongoing review of the business by management consultants McKinsey & Company.
The cuts come with the iron ore spot price having plunged more than 30 per cent so far in 2014 and the miner trying to slash costs.
The iron ore spot price currently is about $US93 a tonne.
The focus during the recent boom in iron ore prices was to expand as quickly as possible and move tonnes onto ships to capitalise.
That happened too quickly, BHP Billiton chief executive Andrew Mackenzie said earlier in June, with costs that soared then now being reduced.
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