Coal miner TerraCom fires up A$63 million restructuring plan

The world’s largest miner is fast-tracking the modernization of its Pilbara iron ore division.

''Since Glencore merged with Xstrata last month, the company has demonstrated a ruthless and short-term approach to cost-cutting."

So far the world's largest mining company has not laid off anyone from its iron ore workforce.

"As long as the world’s most important central banks are stepping back from further monetary stimulus, and China’s appetite for raw materials slows down, the earnings trajectory for metals and mining companies may still be downward."

"Smart blasting, mineral pre-concentration, novel flowsheets and new grinding technologies are just a few of the different strategies which can improve cost effectiveness."

Subsidies were 12.5% higher in 2012 compared to the year before.

Looking for copper and gold assets.

The mining giant is in the process of choosing a financial adviser to assist with the transaction.

Pushed by a global surplus of coal that is negatively affecting its price.