© Reuters. BHP Group to cut more than 700 jobs: report

(Reuters) – Mining company BHP Group is poised to cut over 700 white-collar jobs, The Australian newspaper reported, adding that the process could start as early as next week.

Last week, BHP Chief Financial Officer Peter Beaven revealed plans of cuts of up to 20 percent to his 900-strong finance team at an internal town hall meeting, the newspaper said.

BHP’s technology group will also face cuts in workforce as part of a restructuring that could see up to 30 percent of its 2000 Australian and Singaporean workforce leave the group, according to the report.

The cuts are not targeted at the workforce operating BHP’s global mines but will be part of its restructuring of “functional” sections in an attempt to streamline their operations, The Australian reported.

BHP did not respond to a Reuters request for comment on Saturday.

On Tuesday, the company had said initial estimates indicated its iron ore production would take a hit of about 6 million to 8 million tonnes after disruption and damage caused by tropical cyclone Veronica last week.

The world’s biggest miner said its 2019 financial year production and unit cost guidance are under review because of the cyclone which hit Western Australia.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link