International miner Anglo American mentioned on Friday it aimed to scale back capital expenditure by $1.8 billion throughout its companies by 2026, because it deepens spending cuts throughout all its models.
“Within the close to time period, given persevering with elevated macro volatility, we’re being deliberate in decreasing our prices and prioritising our capital to drive extra worthwhile manufacturing on a sustainable foundation,” mentioned Chief Government Duncan Wanblad in an announcement.
The London-listed miner, which had already focused saving $500 million by reducing company jobs and a few prices at head workplaces in Johannesburg, London and different places, is aiming to chop a further $500 million by 2024.
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It would now scale back manufacturing at its South African unit Kumba Iron Ore, the place stockpiles had grown to 9 million tons by September on worsening rail bottlenecks, and deal with higher-margin manufacturing for its platinum group metals (PGMs) operations.
Sources conversant in the matter informed Reuters on Thursday that Anglo was getting ready sweeping price cuts.
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