53 000 employees terminated after billion loss – Business Week

The company has made $ 3 billion in losses so far this year. Now forced 35 percent of the staff away.

The London-based mining company Anglo American will cancel 53,000 of its employees, representing approximately 35 percent of staff, over the coming years in the wake of low commodity prices and weak mining market.

It reports the Wall Street Journal on Friday. The company’s losses so far this year amounts, according to Friday’s semi-annual report to $ 3 billion.

The loss includes an impairment charge of $ 3.5 billion, of which 2.9 billion of the company’s iron ore project Minas-Rio in Brazil.