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.

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".

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.

NR