Anglo American (NASDAQ:AAUK), the mining giant will cut a further 9,000 jobs throughout it’s worldwide operations as the global crisis affects demand for raw materials, the company announced on Friday.
The new announced layoffs come on top of the already unveiled plan to slash 10,000 jobs at Anglo American’s South African company, Anglo Platinum which were announced earlier this month.
The mining giant will be cutting a total of 19,000 jobs by the end of this year throughout its global operations, amounting to around 10 per cent of its workforce.
Shares in Anglo American have dropped over 75 per cent in the previous 12 months. Anglo American earnings of $5.2 billion, are down 9 per cent compared to previous results.
The future looks grim for the mining giant which it publicly admited in its latest earnings report: “the economic outlook remains weak, with limited visibility and we are continuing to experience volatility and downward pressure on commodity prices.”. Anglo American is not the first in its sector to announce job losses, with competitor BHP Billiton announcing job cuts in January.
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