ANGLO AMERICAN CEO SAYS THAT REESTRUCTURING IS A "STEP CHANGE"

Mark Cutifani, Anglo American's chief executive, called the reorganisation announced this Tuesday by the company of a “step change”.

“With commodity prices where they are, everybody is under pressure,” he said.

“The best answer for our shareholders is to go down to a smaller, more resilient portfolio. That’s where we’re going, and we’re not going back.

Anglo American announcement means that the company is to shrink in size, slash jobs and suspend dividend payouts in a “radical” restructuring that will transition it to “a very different company”.

The FTSE 100 miner, which – along with its peers – is battling collapsing commodity prices, will shed 60pc of its assets, moving from 50 facilities to the “low 20s” by the end of its reorganisation.