Karara Mining has announced it will cut 15 per cent of its workforce.
The iron ore miner will shed about 70 positions from its office, mine site, and port operations, the ABC reports.
It blamed current market conditions and the falling iron ore price.
As of today the commodity has dropped to a new six year low, with fears it could fall to US$50 per tonne.
“Karara Mining reviews its operations on an ongoing basis to ensure it is operating efficiently and that its operating costs are as low as possible," an official company statement said.
“This decision has examined every available option to reduce costs,” the miner added.