AngloAmerican

Anglo American Restructures And Cuts 85000 Jobs

Anglo American has told investors it plans to cut 85,000 jobs globally as it merges six divisions into three businesses in a bid to restructure its operations and plans to sell more mines.

The major miner has four coal mines up for sale, three in central Queensland — Dawson, Foxleigh and Callide — and Dartbrook in the Hunter Valley, which is currently under care and maintenance. 

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A spokeswoman for Anglo American told the ABC that its stakes in manganese operations in the Groote Eylandt Mining Company off the coast of the Northern Territory and the Tasmanian Electro Metallurgical Company in Tasmania were not up for sale.

Anglo American chief executive, Mark Cutifani, told investors on a conference call that the company planned to sell or close more of its mines globally.

“Compared to where we were 12 months ago when we talked about 70 assets, we are now down to 55…. our target restructuring was to get down to 36,” Mr Cutafani said on the call overnight.

“Negative cash flow assets will either be closed, placed on care and maintenance or sold.”

Apart from Australia, Anglo American has operations in southern Africa and North and South America. The resources it mines include iron ore, coal, diamonds, and copper.

It says it is radically restructuring its business to make the company more resilient so it can cope with the collapse in commodity prices.

Anglo American also said it was suspending dividend payouts to investors, which saw the company’s shares fall just over 12 per cent on the London Stock Exchange to a record low.

Source

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