World Miner Anglo American Slashes 2,700 Jobs
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25.10.09, 11:18
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Mining
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The Anglo American world mining company has announced that it is downsizing its overhead staff by 25% (2,700 positions). The move is expected to save the company $120 million a year.
The London-based mining company, which holds a 45% stake in De Beers, plans to streamline its management structure and intensify its focus on its "core mining portfolio."
As part of the reorganization, Anglo American has announced the creation of seven commodity business units (BUs), with management teams located in the area of core geographic focus for the BU.
The new BUs, with their locations and chief executive officers, are as follows: Platinum (South Africa) - Neville Nicolau; Copper (Chile)- John MacKenzie; Nickel (Brazil) - Walter De Simoni; Metallurgical Coal (Australia) - Seamus French; Thermal Coal (South Africa) - Norman Mbazima; Kumba Iron Ore (South Africa) - Chris Griffith; Iron Ore Brazil (Brazil) - Stephan Weber.
Five group directors will be in charge of corporate functions and providing support to the BUs. Group directors and BU CEOs will report directly to Anglo American CEO Cynthia Carroll.
According to a De Beers spokesperson, the cuts and restructuring will have no direct impact on De Beers.
Anglo American CEO Cynthia Carroll stated: "I believe that these actions will position Anglo American well for sustained, profitable growth in the commodities we have identified as being the most attractive. The portfolio changes we have announced are the logical next step in focusing the group on our core mining activities, enabling us to strengthen our balance sheet further."
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By: Rachel Lieberman, Israel Diamond Industry Portal
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