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Article

8 Dec 2015

Author:
Alanna Petroff, CNN Money

Anglo American to slash 85,000 jobs as it drops coal & copper mining

"Anglo American to shed 85,000 jobs", 8 Dec 2015

Global mining giant Anglo American is getting ready to shed about 85,000 jobs as it sells off 60% of its assets over the next few years.The company said it expects employee numbers to shrink to 50,000 from 135,000 as it overhauls its business in response to the collapse in commodity prices."The severity of commodity price deterioration requires bolder action," said Anglo American (AAUKF) CEO Mark Cutifani...The continued drop in commodity prices has taken a big toll on miners around the world...In response, the company is planning to sell off coal and copper mining operations and focus on three businesses: Diamond miner De Beers, industrial metals and bulk commodities. A spokesman for Anglo American said it would sell coal mines in South Africa and Australia, and copper mines in South America. He declined to comment on how many jobs would be shed as a result of asset sales, and how many as a result of layoffs. Coal demand is falling as pressure builds for big consumers such as China to switch to cleaner fuels. Environmental activists have successfully campaigned for Wall Street banks to cut financing to the coal industry.