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

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


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