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BHP mulls iron ore job cuts

BHP Billiton has confirmed that its Perth-based iron ore division has appointed external consultants to assist with productivity improvements and cost cutting.

It comes after The West Australian reported today that management consulting firm McKinsey and Company had completed a review of the business and recommended job cuts of up to 3000, or 20% of the division's workforce.

A BHP spokeswoman would not confirm the 3000 figure this morning.

"BHP Billiton Iron Ore regularly undertakes improvement initiatives and organisational reviews as part of an ongoing focus on productivity and cost reduction, and we have engaged external consultants to assist with this process," she said.

"This focus on productivity is not new. It is about continuing to safely improve our business and ensuring we are a competitive, world-class operation.

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Mine service firms struggling in tough conditions

THE mining services sector is struggling against low profits and a competitive tendering environment, according to a report from Deloitte.

Deloitte's latest mining services index declined 2.05 points over the first quarter compared to Q4 2013, while the benchmark ASX 200 increased 1.04 points.

The index is based on the market capitalisation of companies servicing the mining sector, and Deloitte financial advisory services partner Nicholas Harwood said the lower result showed firms were struggling with disruptive market pressures.

"March 2014 quarter index performance was characterised by interim results announcements from many participants, nearly half of whom reported profitability below guidance or market expectations," he said.

"Many participants who reported earnings above expectations either benefitted from a diversified contract portfolio including projects outside the resources sector or they service niche sub-sectors."

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Missing Mount Isa miner believed dead

THE search for missing 34 year old Mount Isa Mines worker Brett Kelly has moved into the second stage, with authorities no longer believing the man is alive.

In a statement late Friday Glencore acknowledged comments by police that the search for a survivor was over, with resources being reallocated towards a recovery attempt.

Kelly was last seen underground at Mount Isa Mines' copper operation at 11.30am (AEST) Wednesday, and was reported missing at 3.30pm.

Glencore said more than 200 MIM copper employees had assisted the Mines Rescue Service and Queensland Police in the search.

"I am deeply saddened and disappointed that we have been unable to locate Brett," Glencore north Queensland copper operations chief operating officer Mike Westerman said.

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Pegasus flies for Northern Star

NORTHERN Star Resources has more than doubled the resource for its Pegasus deposit, which was already touted as the best high-grade gold discovery in Australia in the past 10 years.

The indicated and inferred resource for Pegasus is now 2.1 million tonnes at 11.4 grams per tonne gold for 763,000 ounces of gold.

The update, which builds on the initial resource of 355,000oz gold at 9.8gpt, represents a 115% increase in contained resources as well as a 16% increase in grade.

Today's upgrade helps firm up Northern Star's belief that Pegasus holds more than 1 million ounces of gold.

Pegasus is part of the Kundana project in the Western Australian Goldfields, which Northern Star recently acquired a 51% stake in.

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Iluka confirms takeover talks

MINERAL sands producer Iluka Resources has confirmed UK media speculation that it has approached Dublin-based Kenmare Resources about a potential combination.

Perth-based Iluka confirmed it approached Kenmare over a possible tie-up, which could take place via a takeover offer for the London-listed titanium producer.

"There is no certainty that any transaction will be progressed or, in particular, that an offer will be made, or as to the terms on which an offer may be made if forthcoming," Iluka said.

"Iluka's assessment of a potential transaction involving Kenmare is consistent with Iluka's strategy of assessing various mineral sands opportunities, and exploring transactions where financial merit and strategic rationale may exist.

"A further announcement will be made if and when appropriate."

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