Anglo unveils restructure

ANGLO AMERICAN boss Cynthia Carroll is set to unveil a cost-cutting programme this week, which is expected to show that over 10,000 jobs have been slashed at the mining giant over the past six months. <br /><br />Most of the cuts have been at Anglo Platinum, its subsidiary, where capacity has been cut, and production costs have fallen.<br /><br />Carroll is under fire as she strives to demonstrate to shareholders that she can deliver value to them, and make big changes at operational levels. <br /><br />The pressure comes as Anglo is resisting a nil-premium, all-share takeover bid from fellow miner Xstrata. A tie-up between the two would create a &pound;48bn giant to rival companies such as Rio Tinto and BHP.<br /><br />Anglo&rsquo;s shareholders are in favour of a merger deal in principle but want better terms than Xstrata proposed in June.