Anglo American to Cut More Jobs Amid Restructuring
Anglo American is planning further job cuts at its corporate offices as it moves forward with asset sales and the planned spin-off of its platinum business.
According to sources familiar with the matter, employees likely to be affected have been notified, though no official announcement has been made.
The company confirmed that the job reductions align with its ongoing restructuring efforts, adding that consultations are still in the early stages and the exact number of affected employees has yet to be determined.
Anglo began restructuring last year after fending off a $43-billion takeover bid from rival BHP Group. As part of its transformation, the company has sold its coking coal and nickel businesses and is on track to spin off most of its controlling stake in Anglo American Platinum (Amplats) by June. It also plans to either sell or take public its De Beers diamond unit.
Most of Anglo American’s corporate staff are based in South Africa, where the company was founded in 1917 by Ernest Oppenheimer to exploit the gold-rich Witwatersrand.
During South Africa’s apartheid-era isolation, the company diversified into industries including banking and paper manufacturing. Following an initial wave of asset divestments, it relocated its headquarters to London in 1998.
Anglo American has already implemented job cuts at its South African corporate office, its iron ore business, and Amplats over the past year as part of its ongoing restructuring efforts.
