British mining group Anglo American said today that it intended to cut 19,000 jobs by the end of the year after reporting a 29% fall in 2008 net earnings to $5.2 billion.
The cuts are part of an economy drive that the group hopes will result in a savings of $2 billion a year between now and 2011.
In a statement, the group recalled that it had announced in December it would reduce its 2009 investment programme by half to $4.5 billion in response to a sharp fall in metals prices brought on by a contraction in the global economy.
Anglo American is a diversified enterprise, producing platinum, coal and base metals such as copper, zinc and nickel. It also has a 45% stake in De Beers, the world's largest diamond company.
