Deals
Anglo to Shrink by Two-Thirds, End Dividend as Metals Plunge
- Dividend payments suspended for second half of 2015 and 2016
- Company will employ 50,000 people, compared with 135,000 now
Turmoil in the Mining Industry: Anglo Scraps Dividend
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Anglo American Plc, one of the world’s biggest mining companies, is shrinking to a fraction of its former size to cope with the collapse in commodity prices.
The company is selling assets, closing mines and will eventually employ 50,000 people, compared with 135,000 now, Chief Executive Officer Mark Cutifani said on a conference call with reporters Tuesday, without giving a time frame. Anglo also scrapped its dividend for the second half of this year and for 2016. The shares plunged 12 percent, the biggest drop since 2009.