Anglo American, the mining group, is to cut 19,000 jobs this year and scrap its dividend after a collapse in commodity prices. It is to bring in a $2 billion (£1.4 billion) cost-saving programme to meet the global downturn.
The company is to lose 10 per cent of its workforce, including 10,000 previously announced jobs at Anglo Platinum and 9,000 at other divisions. Platinum has been hard hit by the downturn because it is used in the car industry to make catalytic converters.
Cynthia Carroll, chief executive, said: “This was a difficult decision. We are bringing our workforce in line with revised production and growth plans.” Anglo said it would not reveal mines or countries affected by the job losses until it had worked through the process with governments and unions...more
