According to CoinMeta, BHP Group plans to restructure its iron ore business in Australia as part of a broader cost-cutting initiative to help the world's largest mining company cope with rising costs and softer iron ore prices. The company has previously laid off 300 on-site employees from its iron ore business unit and is expected to make further cuts, mainly involving office staff. Currently, BHP's Western Australian iron ore business unit employs over 16,000 people, including contractors.