BHP plans to restructure its Australian iron ore business to cut costs

BHP Group plans to restructure its Australian iron ore business as part of a broader cost-cutting initiative to help the world's largest mining company cope with rising costs and the pressure of weakening iron ore prices. Brandon Craig assumed the role of BHP Chief Executive Officer in July this year. The company had previously laid off 300 on-site employees in its iron ore division. According to sources familiar with the matter, further layoffs are expected, mainly involving office staff. Currently, BHP’s Western Australia iron ore division has more than 16,000 employees and contractors.