LONDON - British mining group Anglo American said on Friday it intended to cut 19,000 jobs by the end of the year after reporting a 29-percent fall in 2008 net earnings to $5.2 billion (4.1 billion euros).
The cuts are part of an economy drive that the group hopes will result in a savings of $2.0 billion a year between now and 2011.
The group in a statement recalled that it had announced in December it would reduce its 2009 investment program by half to $4.5 billion in response to a sharp fall in metals prices brought on by a contraction in the global economy.
Anglo American is a diversified enterprise, producing platinum, coal and base metals such as copper, zinc and nickel.
It also has a 45-percent stake in De Beers, the world's largest diamond company.