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Stock Market & Financial Investment News

News Breaks
March 26, 2013
06:04 EDTAAUKYAnglo American downgraded to Underperform from Sector Perform at RBC Capital
RBC Capital downgraded Anglo American to Underperform citing the challenge of restructuring AngloPlat.
News For AAUKY From The Last 14 Days
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July 24, 2015
06:05 EDTAAUKYAnglo American to cut 35% of workforce over next few years
The company says, "Having defined our portfolio and significantly improved operational performance, now is the right time to accelerate the right-sizing of the organization that supports the future business; we are targeting a $500M total cost saving, of which $300M will be realised from our ongoing core business, through the reduction of 6,000 overhead and other indirect roles, a 46% decrease, including those that will transfer with the businesses we are divesting. Post asset sales, we expect to have reduced our number of assets from 55 to 40 and reduced total employees by 35%, while maintaining copper equivalent production. As a result, and following the asset disposals and further business improvement, our underlying EBITDA margin of 25% in the first half of 2015 would increase to 35% on a like for like basis, representing a 40% improvement off a substantially lower cost base." Looking to the balance of this year and into next, the company expects that the current period of volatile markets and economic uncertainty, fueled in part by pockets of geopolitical tension, to continue.

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