Anglo American to sell more mines and cut dividends – Business Day

Anglo American will sell more mines, cut its dividend this year (and next) and make deep cost cuts across the business in what CEO Mark Cutifani called an "aggressive restructuring" to cope with the global downturn in commodity prices and demand.

This is according to a report by Alan Seccombe, Resources Editor at Business Day.

The Money Show’s Bruce Whitfield interviewed Seccombe.

Scroll down for quotes from the audio below.

This addresses concerns about Anglo’s sustainability to some extent.

Alan Seccombe, Resources Editor at Business Day

This is undoubtedly Anglo’s largest restructuring ever.

Alan Seccombe, Resources Editor at Business Day

Anglo American will cut 110 000 people off its payroll.

Alan Seccombe, Resources Editor at Business Day

Anglo would not do this if they considered this to be only a short-term dip in commodity prices.

Alan Seccombe, Resources Editor at Business Day

I think Anglo American will survive.

Alan Seccombe, Resources Editor at Business Day

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Anglo American to sell more mines and cut dividends – Business Day


Recommended

by NEWSROOM AI
Read More
How to get rich by investing in smoking hot US and Canadian dagga shares

How to get rich by investing in smoking hot US and Canadian dagga shares

Returns of 500% are not unheard of. Is this another crypto-like bubble? Not in the least, says Financial Advisor Warren Ingram.

Hits from the bong (it’s legal!)… then off to work I go?

Hits from the bong (it’s legal!)… then off to work I go?

The consequences of consuming dagga at home and showing up at the office high. Bruce Whitfield interviews a labour lawyer.

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The ANC cannot claim innocence - Mahlatsi Mahlase (Sanef)

The Money Show’s Bruce Whitfield interviews Mahlatsi Mahlase of the South African National Editors Forum (Sanef).

Solutionist Thinking: In Conversation with FirstRand's founders

Solutionist Thinking: In Conversation with FirstRand's founders

In the bonus episode of Solutionist Thinking with RMB, Bruce Whitfield speaks the founders of FirstRand, GT Ferreira, Laurie Dippenaar and Paul Harris.

Why you must own Investec, Anglo American and Sasol shares, according to N-e-FG

Why you must own Investec, Anglo American and Sasol shares, according to N-e-FG

N-e-FG CIO Gerbrand Smit chooses Investec, Anglo American and Sasol as his stock picks for the week. Here’s why…

Why Busha Investment Group is buying Anglo American, Nedbank and Old Mutual

Why Busha Investment Group is buying Anglo American, Nedbank and Old Mutual

Anglo American, Nedbank and Old Mutual count among the hottest stocks on the Johannesburg Stock Exchange right now. Here’s why…

Popular articles
[LISTEN] New Visa regulations could change the face of South African tourism

[LISTEN] New Visa regulations could change the face of South African tourism

Lecturer at TUT's Dept of Tourism, Unathi Henama says that the tourism sector is at the center of the economic policies in SA.

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

'My hubby is 75 and we still do it' - stories about sex on the other side of 50

Is biology putting the brakes on your sexuality? Callers share their experiences of sex and growing older.

17-year-old learner killed teacher for not allowing him to jump the food queue

17-year-old learner killed teacher for not allowing him to jump the food queue

Spokesperson for Education department says the fact that this learner is still in Grade 10 at 17 may indicate there is a problem.

Tell me what you want: Study reveals most common sexual fantasies

Tell me what you want: Study reveals most common sexual fantasies

What are your sexual fantasies? Disclosure can bring sexual freedom, but it can also have downsides. A study lists the top trends.

Transgender 'dragon lady' has ears removed and says testicles are next to go

Transgender 'dragon lady' has ears removed and says testicles are next to go

Tiamat Medusa has undergone extreme body modification and claims to be the most modified trans person in the world.

How Tracey Chambers is helping unemployed moms become entrepreneurs

How Tracey Chambers is helping unemployed moms become entrepreneurs

The Clothing Bank gives women access to discounted merchandise and 500 hours of training in money management and business skills.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.