Anglo American announced this Tuesday drastic measeures meant to cope with an ongoing rout in commodities prices, including massive lay offs, asset sales and an expected suspension of dividend payments. 325.85 pence in
The stock was trading 11.7% lower to London mid-afternoon, following Anglo’s announcement of what it called a “radical portfolio restructuring,” unveiled at today’s investor day.
The company, which mines iron ore, copper, coal, manganese and nickel, said it would cut around 85,000 employees, or 63% of its workforce. The figure is far greater than the 53,000 positions the miner said it would cut in July.
It also announced it would reduce its current assets from around 55 mines and smelters to the “low 20s” by the end of the restructuring.
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