BHP Billiton Limited (ASX:BHP) is putting an axe to costs and set to cut about 700 workers from its Queensland metallurgical coal mining business.
The jobs represent about 7 per cent of the mining giant’s joint venture with Mitsubishi, the BHP Billiton Mitsubishi Alliance (BMA).
BMA believes the coal industry continues to face challenging market conditions and had to act to ensure the long-term viability of the business.
BMA’s Asset President Lucas Dow says the venture continues to assess the most effective way of safely operating its assets both now and in the future.
Mr Dow says BMA will continue to work with employees and contractors throughout the process and ensure everyone is treated fairly and with respect.
BHP Billiton’s net profit soared to $16.2 billion in the full 2014 financial year.
