Anglo American to sell assets, close mines, cut 85,000 jobs

London

EVEN for a company that once had the global monopoly on diamond production during almost a century of all but constant expansion, the collapse in commodities prices is proving too much.

Anglo American Plc, a conglomerate spanning everything from brewing, publishing and gold mining during its peak in the early 1990s, will shrink beyond recognition after chief executive officer Mark Cutifani on Tuesday announced an eye-watering package of asset sales, mine closures and job cuts. Among the potential casualties is Minas Rio, a Brazilian iron-ore mine where spiralling costs and collapsing prices turned a US$14 billion project into the epitome of the company's predicament.