{"id":57758,"date":"2023-12-09T08:19:42","date_gmt":"2023-12-09T08:19:42","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026"},"modified":"2023-12-09T08:54:34","modified_gmt":"2023-12-09T08:54:34","slug":"anglo-american-plans-1-8bn-spending-cuts-by-2026","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026","title":{"rendered":"Anglo American plans $1.8bn spending cuts by 2026"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Global miner to reduce production at Kumba Iron Ore due to rail bottlenecks<\/p>\n

Global miner Anglo American aims to cut capital expenditure by $1.8bn (R34.02bn) by 2026, it said on Friday, as it grapples with a fall in demand for most of the metals it mines and a huge writedown for its British fertiliser project.<\/p>\n

Anglo’s share price opened 4.2% lower, making the global miner the biggest loser on the FTSE 100.The London-listed miner, which had already targeted saving $500m (R9.43bn) by cutting corporate jobs and costs, including at head offices in Johannesburg and London, aims to cut an additional $500m (R9.45bn) by 2024.<\/p>\n

\u201cIn the near term, given continuing elevated macro volatility, we are being deliberate in reducing our costs and prioritising our capital to drive more profitable production on a sustainable basis,\u201d CEO Duncan Wanblad said.<\/p>\n

Global economic weakness has lowered the demand outlook for some metals.Peers Antofagasta and Glencore, for example, cut production guidance for copper and nickel respectively this year.<\/p>\n

Anglo American said on Friday it will reduce production at its South African unit Kumba Iron Ore, where stockpiles had grown to 9-million metric tonnes by September because of worsening rail bottlenecks.<\/p>\n

Its cost-cutting measures also include focusing on higher-margin production for its platinum group metals operations in South Africa and putting two processing plants at its Los Bronces copper mine in Chile on care and maintenance.<\/p>\n

Overall production across the resources it mines will be reduced by 4% in 2024, taking unit costs down by 2%, it said.<\/p>\n

Capital expenditure in 2024 will be about $5.7bn (R107.72bn), $800m (R15.12bn) lower than previously expected.<\/p>\n

\u201cThis is likely to result in a stronger operational position with a better balance sheet\/cash flow position than previously,\u201d RBC Capital Markets analyst Tyler Broda said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Global miner to reduce production at Kumba Iron Ore due to rail bottlenecks Global miner Anglo American aims to cut capital expenditure by $1.8bn (R34.02bn) by 2026, it said on Friday, as it grapples with a fall in demand for most of the metals it mines and a huge writedown for its […]<\/p>\n","protected":false},"author":84,"featured_media":57757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-57758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nAnglo American plans $1.8bn spending cuts by 2026 - South Africa<\/title>\n<meta name=\"description\" content=\"Global miner to reduce production at Kumba Iron Ore due to rail bottlenecks Global miner Anglo American aims to cut cap ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Anglo American plans $1.8bn spending cuts by 2026\" \/>\n<meta property=\"og:description\" content=\"Global miner to reduce production at Kumba Iron Ore due to rail bottlenecks Global miner Anglo American aims to cut cap ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-09T08:19:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-09T08:54:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/12\/sm_1702099410.665146.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"501\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Anglo American plans $1.8bn spending cuts by 2026\",\"datePublished\":\"2023-12-09T08:19:42+00:00\",\"dateModified\":\"2023-12-09T08:54:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026\"},\"wordCount\":314,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/12\/sm_1702099410.665146.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anglo-american-plans-1-8bn-spending-cuts-by-2026\",\"name\":\"Anglo American plans $1.8bn spending cuts by 2026 - 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