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Global mining giant mining unrest forced restructuring

 Global mining giant mining unrest forced restructuring


Canadian International Broadcasting Corporation reported that iron ore and a sharp decline in metal prices forced the global mining companies slash staff and expenses. Mining giant, headquartered in the United Kingdom Anglo American (AngloAmerican) on December 8 announced the layoff of 63 percent, was cut the number of 8.5 million, the company said, will the number of employees reduced from the current 135,000 to 50,000 and the sale of its assets in the coming years 60%.


Canadian Broadcasting Corporation reported that the excess supply, coupled with decreased demand from China, has brought upheaval mining. Anglo American said that from early November this year, iron ore prices fell by 33%, now less than $ 40 per ton of iron ore is an important raw material in the manufacture of steel. In the meantime, the nickel price plunged 38%, the price fell 33% iron, copper prices fell 29%, platinum prices 25%, the price of diamonds also fell by 15%.


Analysts CMCMarkets of MichaelHewson said it expects mining "difficult situation" will continue, production in the mining industry in recent years, excess capacity will take time to be absorbed by the market, while demand from China will remain low. Given the current situation, the global mining company had to "snap" to carry out restructuring. (VAI News)