Moranbah mine not for sale after downsize
ANGLO American might be selling off half of its assets worldwide, but the company says the Moranbah site is safe.
A representative from the mining giant yesterday said there would be "no change" to the three Queensland mines identified to be sold back in February, which included the Dawson, Foxleigh and Callide.
It had then been announced that it had concluded a review of its "Australian coal portfolio" and would be selling a 51% stake in Dawson mine near Moura and 70% stake in Foxleigh mine near Middlemount, both in Queensland's Bowen Basin.
The company's global CEO, Mark Cutifani, addressed the 60% global downsize in its entirety on Wednesday, and estimated that the move would reduce the overall workforce from 135,000 employees down to less than 50,000 workers globally.
"Together with the additional material capital, cost saving and productivity measures announced... we are setting out an accelerated and more aggressive strategic restructuring of the portfolio to focus it around our 'Priority One' assets, being those assets that are best placed to deliver free cash flow through the cycle and that constitute the core long-term value proposition of Anglo American," he said.
"While we have continued to deliver our business restructuring and performance objectives across the board, the severity of commodity price deterioration requires bolder action."
The "radical portfolio restructuring" included the consolidation from six to three businesses; De Beers, Industrial Metals and Bulk Commodities.