Anglo American to cut 85,000 jobs, dividend and assets in sweeping restructuring
The job cuts, part of a major overhaul, are far greater than the 53,000 positions the miner said it would cut in July.
The job cuts, part of a major overhaul, are far greater than the 53,000 positions the miner said it would cut in July.
The country's largest mining union said it had received notice from South32 about the planned cuts and wants the government to intervene.
The company will start cutting nearly 80% of its workforce at its Collinsville coal mine in March next year, as it dials back mining at the site.
Anglo-Australian miner BHP Billiton PLC will cut 76 jobs from its Canadian potash operations due to low commodity prices, a company spokesperson said on Friday.
Gold price surges 2.6% in heavy trading as hedge funds with record-breaking bearish bets scramble to cover shorts.
Mining investment in Australia is forecast to fall a further 58% the next three years.
With the announced cuts the diversified miner brings the total redundancies over the past 18 months to about 2,000.
Britain’s only potash mine is cutting hundreds of jobs and switching away from potash production in a further blow to industry in north-east England.
Finning will also close 11 more facilities in Western Canada, in addition to 16 other previously announced closures, in an attempt to cut costs.
Blame Fed Chair Janet Yellen, as she said earlier this week that a rate hike in December was a “live possibility” if the economy continued to perform well.