Anglo American cuts dividend and 85,000 jobs in ‘radical’ restructuring

Jon Market Commentary, Precious Metals

Anglo American is to suspend its dividend payouts, cut jobs, and slash capital expenditure 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 suspend dividends through to the end of the 2016.
Anglo’s assets will shrink from around 50 facilities to the “low 20s” by the end of the restructuring and its workforce will drop to around 50,000, from 135,000 now.
It had already announced cuts that would take its headcount down to 92,000 in July, after announcing the sale of its labour-intensive platinum operations in Rustenburg, South Africa.

This post was published at The Telegraph