Falling commodities prices cost 6,000 people their jobs at Anglo-American
Mining company Anglo-American will cut 6,000 jobs as part of a company-wide effort to save money.
It's a reaction to tanking commodity prices.CEO Mark Cutifani said: " We are unrelenting in enforcing strict cost and capital discipline across Anglo American, building upon the unit cost reductions delivered to date. "
Cutifani said the job cuts will come from "overhead and other indirect roles," saving the company $300 million.
The company reported half-year profit before tax of $1.9 billion - a 36% fall - on revenues of $13.4 billion. It blamed falling iron ore prices, which wiped $2.9 billion off the value of its Minas Rio mine in Brazil.
Despite this, Anglo-America said will maintain its shareholder dividend of $0.32.
Cutifani said: "W e are ensuring that the business is sustainable through the commodity price cycles, as well as shorter-term price shocks, and offers investors attractive and differentiated exposure to the mining industry."