Anglo American, the FTSE-listed commodities giant, is in serious trouble and is set to cut around 85,000 jobs, roughly two-thirds of its staff, according to reports from AFP and The Wall Street Journal.
The company has already announced on Tuesday that it has been forced to undertake what it calls a “radical” restructuring of its business to try to weather the commodity crash, and it looks as if things are getting even worse.
The company unveiled a whole raft of changes to its business, and it isn’t lying when it says they’ll be radical.
The news of the changes came just one hour after another mining giant announced it was being forced into action to fight the commodity slump. The British-Australian firm Rio Tinto revealed that it needed to cut capital expenditure over the coming years.
