Anglo American exits coal, cuts iron ore assets

Published on: March/April 2016

By Kylie Williams

Anglo American revealed in mid-February the details of an “extensive, but essential” restructuring that will see the mining giant reduce global assets to 16 from 45 and downsize its workforce by 60 per cent.

The company will focus on its most competitive sites in diamonds, platinum group metals and copper, announced CEO Mark Cutifani in a video released by the London-based company on Feb. 16.

“We are taking decisive action to sustainably improve our cash flows and materially reduce net debt,” said Cutifani, detailing the plan to pull out of coal and iron ore in order to free up $3 to $4 billion in 2016. The company is attempting to cut its net debt to less than $10 billion this year.

Read the full story in the Developments section of CIM Magazine (March/April 2016).