Anglo American plans 19,000 job cuts

AFP

Posted at Feb 20 2009 03:59 PM | Updated as of Feb 20 2009 11:59 PM

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.