A number of changes will be made across Anglo American’s businesses to create a more streamlined management structure, the mining giant said on Thursday.
The intention was to ”further focus the group on its core mining portfolio”, it said in a statement.
The move would result in a reduction of overhead staff by about 25 %.
Seven commodity business units were being created and five directors based in London would be responsible for corporate functions.
The company said it would also sell assets including Scaw Metals, Copebras, Catalao and the group’s portfolio of zinc assets.
”The divestment of these assets will be undertaken in a manner and on a timetable that will maximise value for Anglo American’s shareholders.
”Preparatory work for the separation of these businesses from the group’s core operations has commenced,” the company said.
Cynthia Carroll, chief executive, said she believed the actions would position Anglo American well for ”sustained, profitable growth in the commodities we have identified as being the most attractive”.
Sir John Parker, chairperson, said the plans represented an important step in creating a more streamlined business, with enhanced focus on operational effectiveness and project delivery.
”We have a truly world-class portfolio of assets and these initiatives further improve our ability to deliver its full potential,” he said. — Sapa