Mining firms cut thousands of jobs after commodity prices fall
July 26 , 2015
Mining firms Anglo American and Lonmin have announced the culling of thousands of jobs following a fall in commodity prices.
While Anglo will cut 6,000 jobs from roles not directly linked to production, Lonmin is slashing 6,000 jobs as it scales back its South Africa operations.
Anglo, which has reported a pre-tax loss of $1.9 billion for the first half of 2015, is struggling to cope with the commodity price drop. Chief executive Mark Cutifani acknowledged that he didn’t expect the “commodity price rout to be so dramatic”.