Anglo American Plunges as It Slashes Production to Cut Costs

Anglo American Plc suffered its biggest daily drop since the global financial crisis, after unveiling plans to drastically cut production in a bid to reduce costs amid logistical and operational snarls.

While Anglo has had well-publicized issues with its platinum and iron ore operations in South Africa, the biggest and most surprising cuts came at its copper business in South America. Its mines there are the company’s crown jewels, producing a commodity that many in the industry expect to face growing shortages later this decade.