World’s Fifth Largest Miner Announces Massive Layoffs, Suspends Dividend, Sells 60% Of Portfolio
by Tyler Durden
ZeroHedge.com
12/08/2015
If you’re in the commodities business, this is “not the time for courage” (to borrow a classic Gartman-ism). In the latest example of just how bad things have gotten, Anglo American – the world’s fifth largest miner – just kitchen sink-ed it, announcing a sweeping restructuring, a massive round of layoffs, and a dividend cut. The company will reduce its assets by some 60% while headcount will be cut by a whopping 85,000 or, nearly two thirds.
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