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| Anglo American to cut 9,000 jobs | Anglo American to cut 9,000 jobs |
| (about 3 hours 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 rivals Rio Tinto and BHP Billiton. | The job cuts follow similar moves at rivals Rio Tinto and BHP Billiton. |
| 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. |
| The world economy faces an unprecedented level of uncertainty Cynthia Carroll, Anglo American chief executive See Anglo American's share price class="" href="/1/hi/business/7879933.stm">Anglo Platinum to cut 10,000 jobs | |
| Mining companies have seen a dramatic turnaround in their fortunes as the downturn hits home. | Mining companies have seen a dramatic turnaround in their fortunes as the downturn hits home. |
| A boom in the price of metals and other commodities, sustained by China's once insatiable demand for raw materials, has to come to end. | A boom in the price of metals and other commodities, sustained by China's once insatiable demand for raw materials, has to come to end. |
| Unprecedented uncertainty | Unprecedented uncertainty |
| Cynthia Carroll, Anglo's chief executive, said that the effects of the economic downturn "were difficult to overstate". | 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 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." | "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. The credit crunch has made financing harder to obtain. | She added that the board had decided to halt dividend payouts to shareholders to conserve cash. The credit crunch has made financing harder to obtain. |
| Both prices and demand for nickel, platinum, iron ore and coking coal, used in steel production, had declined significantly, the company said. | Both prices and demand for nickel, platinum, iron ore and coking coal, used in steel production, had declined significantly, the company said. |
| Anglo American's downbeat assessment of the industry's prospects hurt the share prices of other mining firms. | Anglo American's downbeat assessment of the industry's prospects hurt the share prices of other mining firms. |
| Rio Tinto shares were down 8%, while Xstrata fell 7.5%. | Rio Tinto shares were down 8%, while Xstrata fell 7.5%. |
| Anglo American shares were down 12% at 1,087p. | Anglo American shares were down 12% at 1,087p. |