Anglo American shares fell to the lowest level since listing in 1999

Moscow. December 9. Share prices of Anglo American, one of the leading mining groups in the world, in the course of trading on Wednesday fell to its lowest level since the listing of the British company in may 1999 after the announcement of a major restructuring.

Pictures fell from the market opening in London for more than 10% since the beginning of the current year the fall is about 75%.

Anglo American announced that it would cut staff by more than half, to 85 thousand jobs in the next few years. The company plans to sell assets and withdraw from non-core business, resulting in the number of employees will decrease to about 50 thousand people from the current 135 thousand, writes The Wall Street Journal.

By 2017, Anglo American will remain around 92 thousand employees, and when you have reached the milestone of 50 thousand people, the company said.

Anglo American plans to consolidate its business in three divisions against six at present. In addition, the company raised its target for the sale of businesses up to $4 billion from the previously announced minimum of $3 billion, including it plans to abandon the production of phosphate and niobium.

In addition, Anglo American refuses to pay dividends in the second half of 2015 and into next year, while also reducing capital expenditure.

The company will write off because of the depreciation of assets of $3.7-4.7 billion, mainly due to the fall in the prices of raw materials and closing assets.

Mining Anglo American, established in 1917, specialises in the extraction of iron ore, manganese, coal, copper, Nickel. In the AngloAmerican group includes world leaders in the production of platinum and diamonds – Anglo American Platinum and De Beers. The company operates in 45 countries in Africa, Europe, America, Australia and Asia, with core assets located in South Africa, Chile and Australia. The shares are traded on the stock exchanges in London and Johannesburg.