Anglo American shares dive as workers stage protest

Mining group Anglo American saw its shares decline sharply after a number of workers protested against plans to close several mines.

Mining group Anglo American saw its shares decline sharply after a number of workers protested against plans to close several mines.

The employees refused to enter a number of mines, the company's subsidiary, Amplats, which is making the closures, has confirmed, and are now engaged in an "illegal work stoppage".

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The company announced Tuesday that it plans to restructure its assets and embark on a cost-cutting programme.

As part of its restructuring, Amplats (Anglo American Platinum) said it would reduce output by 400,000 ounces per annum after putting four unsustainable, high-cost shafts at Rustenburg on long-term care and maintenance. It also said that its Union mines, which produced 254,000 ounces of platinum in 2011, are up for sale.

Share in Anglo American fell 2.88%, equal to 56.50p, to 1,904.50p, by 12:19 on Wednesday.




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