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Anglo American to cut 9,000 jobs Anglo American to cut 9,000 jobs
(40 minutes later)
Mining giant Anglo American has said it is to cut an additional 9,000 jobs as the global economic downturn hits demand for raw materials.Mining giant Anglo American has said it is to cut an additional 9,000 jobs as the global economic downturn hits demand for raw materials.
The losses come on top of the 10,000 job cuts that Anglo's South African unit, Anglo Platinum, had already announced earlier this month.The losses come on top of the 10,000 job cuts that Anglo's South African unit, Anglo Platinum, had already announced earlier this month.
The job cuts follow similar moves at mining rival Rio Tinto.The job cuts follow similar moves at mining rival Rio Tinto.
Anglo also announced a 3% fall in 2008 pre-tax profit to $8.57bn (£6bn) and warned that 2009 would be tough.Anglo also announced a 3% fall in 2008 pre-tax profit to $8.57bn (£6bn) and warned that 2009 would be tough.
A spokesman said the job cuts would be across the group's operations, which are mainly in South Africa, South America and Australia.A spokesman said the job cuts would be across the group's operations, which are mainly in South Africa, South America and Australia.
Cynthia Carroll, Anglo's chief executive, said that the effects of the economic downturn "were difficult to overstate".
"The world economy faces an unprecedented level of uncertainty," she said.
"The outlook remains poor in the near term, with expectations for continuing volatility and weakness in commodity prices."
She added that the board had decided to halt dividend payouts to shareholders to conserve cash as the credit crunch makes financing harder to obtain.