The pain among energy and mining producers is growing more acute as prices of global commodities continued their collapse on Tuesday.The newest victim is the London-based mining firm Anglo American. On Tuesday, the company announced a drastic restructuring, which includes expanding job cuts, suspending its dividend, reducing its business unit and cutting its assets. Anglo … Continue reading
Two London-listed mining groups are to slash up to 12,000 jobs as commodity prices slump to levels last seen during the global recession of 2008-09. Platinum producer Lonmin plans to shut or mothball several mine shafts, putting 6,000 South African jobs at risk. Platinum prices have hit a six-and-a-half-year low, while power and labour costs … Continue reading
Global miner Anglo American said on Tuesday it aimed to slim down its workforce and warned of a delay in reaching a key return on capital target due to weaker metal prices, putting its long-term revamp strategy in doubt.The company said by 2017 a programme of divestments and productivity improvements would leave it with around … Continue reading