Mt Gibson Iron to axe 270 jobs

Mount Gibson Iron will slash nearly a quarter of its workforce as it battles the effects of volatile iron ore prices. The company will axe 270 jobs at its Koolan Island operation, off Western Australia’s north Kimberley coast. The company’s directors and senior executives will also trim their pay packets by 10 per cent. The miner said cost cuts would eliminate or defer $120 million$150 million in capital and operating expenditure. The company’s shares closed 12c, or 18 per cent, higher at 78.5c.