Anglo expected to cut 20 000 jobs, shed mines

2014-07-21 08:53

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Anglo American is expected to unveil its plan to dispose of its oldest South African platinum mines, a move that would reduce its staff count by a fifth of its total work force.

Anglo’s move today would leave 20 000 employees jobless as the world’s biggest metal producer looks to sell its non-core assets under a strategic review being done by Chief Executive Officer Mark Cutifani, the Sunday Times reported.

Reuters reported in April that if Anglo goes ahead divesting under-performing platinum assets, a sale to a small South African company is seen as the most likely option.

Anglo, the world’s No 5 diversified mining company by market value, signalled in April that it could dispose of at least some of its deep, high-cost platinum mines – and South African gold miner Sibanye Gold expressed an interest in buying them.

Industry sources and analysts told Reuters in April that a sale to Sibanye was the most likely option because it would serve the interests of both companies and should also be well received by the government as it would help to preserve jobs.

Anglo American could not be reached outside of normal business hours.

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