China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
The pain at Anglo American (LSE:AAL) has finally reached the corner office.
Today the struggling mining major with roots going back more than a hundred years to South Africa’s gold and diamond fields, said CEO Mark Cutifani’s total pay last year fell 8 percent, from £3.7m to £3.4m. The Australian, who joined Anglo in 2013 replacing Cynthia Carroll, also saw his bonus plummet by almost 40 percent, from £1.56m to £966,000 last year, as Anglo’s earnings per share fell short of targets.
However the Financial Times notes that Cutifani also earned £778,000 from a three-year bonus scheme started when he joined Anglo. His total pay also includes a £1.26m salary plus benefits.
The world’s number five diversified mining company in December announced a “radical portfolio restructuring” including cutting around 85,000 employees, almost two-thirds of its workforce.
It also said it is reducing the number of mines it operates from 55 to the “low 20s” with a focus on diamonds, copper and platinum because of better long-term potential. Only cash-producing nickel, coal and iron ore assets will be kept in its portfolio.
Beleaguered Anglo American (LON:ALL) is said to be planning a complete exit from Brazil, where the company has already put its $1 billion niobium and phosphate business up for sale.
The miner became the second-worst performer in the FTSE 100 after Glencore (LSE:GLEN) in 2015.
2 Comments
Gary
must be a bummer when you are down to your last 5 million
MlunguHoran Horan
Ag shame!