The worst slump in commodity markets for a decade engulfed the mining sector yesterday after Anglo American, one of the industry’s most venerable names, shelved its dividend and said it would cut two-thirds of its workforce.
The moves are part of a radical restructuring that will see the company retreat from all lossmaking assets, close mines and shed some 85,000 jobs.
Anglo shares dropped more than 12 per cent to a record low on the news. Other mining and natural resources stocks also fell as oil dipped below $40 a barrel for the first time since the financial crisis and iron ore, the biggest mined commodity, hit a 10-year low.
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