TIMELINE: Anglo American’s efforts to tackle weak commodity prices

Following is a list of steps taken by the company:

Feb. 20 – Unit Kumba Iron Ore announced plans to cut about 490 jobs, following a reduction in production as it struggles to overcome South Africa’s persistent rail bottlenecks.

Feb. 19 – Unit Anglo American Platinum said it plans to cut thousands of jobs at its mines in South Africa, after profit plunged by 71% last year.

Feb. 5 – Anglo American’s CEO Duncan Wanblad said the company may consider deeper cost-cutting measures unless market conditions improve after a fall in prices for platinum-group metals and a cyclical downturn that is the worst in 35 years.

Dec. 8 – Anglo American said it aims to cut capital expenditure by $1.8 billion by 2026. Capital expenditure in 2024 would be around $5.7 billion, $800 million lower than previously expected.

Dec. 8 – Kumba Iron Ore said it was cutting production over the next three years to align output to constrained capacity to transport minerals via rail to port.

Oct. 24 – Anglo American lowered its 2023 production forecast for copper on curtailments at its Chilean operations, even as its output of the metal rose 42% in the third quarter.

Oct. 4 – Anglo American said it is cutting corporate office jobs across several countries, as unions said its South African iron ore business plans to lay off scores of workers at its head office.

July 27 – The company cut payouts to shareholders after lower commodity prices and higher costs hurt its first-half earnings.

May 31 – The company said it will consolidate its production businesses into two regions as the miner pursues growth in “future-enabling” minerals. Anglo American added that it would consolidate its production businesses into two regions – Americas, and Africa and Australia from July 2023.

(By Anchal Rana; Editing by Shounak Dasgupta)