The London-based mining company—which holds a 45 per cent stake in De Beers—says it is undertaking the cost-saving measure to create a more streamlined management structure.
The plan also calls for creating seven commodity business units (BUs) for its core mining portfolio with management teams overseeing operational performance and project delivery located in their respective geographic areas. These are:
• platinum (South Africa);
• copper (Chile);
• nickel (Brazil);
• metallurgical coal (Australia);
• thermal coal (South Africa);
• Kumba Iron Ore (South Africa); and
• Iron Ore Brazil (Brazil).
Five group directors based in London will be responsible for corporate functions and provide the BUs with strategic support.
“I believe these actions will position Anglo American well for sustained, profitable growth in the commodities we have identified as being the most attractive,” said Cynthia Carroll, the company’s executive officer. “The portfolio changes we have announced are the logical next step in focusing the group on our core mining activities, enabling us to strengthen our balance sheet further. The delayering creates the opportunity for a new generation of executive management to come through and I look forward to working with them.”
