Miner Anglo American to sell assets, cut 85,000 jobs Anglo American will sell more assets, suspend dividends until the end of 2016 and whittle down its business divisions to three from six in the face of severe commodity price falls, the mining company said on Tuesday.
Anglo said it would cut its assets by 60 per cent, reduce its work force to 50,000 from 135,000 and form three divisions: De Beers for diamonds, Industrial Metals for platinum and base metals and Bulk Commodities for coal and iron ore.
The London-listed company aims to raise $4-billion through assets sales, up from an earlier target of $3-billion, and said it would press ahead with the sale of its Phosphates and Niobium businesses in 2016.
https://www.theglobeandmail.com/report-on-business/international-business/anglo-american-to-slash-assets-cut-thousands-of-jobs-as-commodity-rout-hits/article27640676/