Diversified miner Anglo American plc (AAUKY,AAL.L) is mulling the sale of its oldest South African platinum mines to a local buyer, according to a Sunday Times report on Sunday. The move, which is expected to be announced as early as Monday, will see the company slash its global workforce by about 20 percent.
Anglo American, the world's biggest metal producer, is looking to divest its legacy South African operations which are the world's largest primary producer of platinum, accounting for about 40 percent of the world's newly mined platinum.
The company has been in the process of divesting its non-core assets as part of a strategic review under its new CEO Mark Cutifani, who took over last year.
The divestiture of the platinum operations in South Africa will see it reducing global workforce by about 20,000 employees. However, the sale reportedly to a local miner Sibanye Gold Ltd. could save some of the jobs.
The mines were hit by worker unrest late last year, which saw the longest strike in the history of South Africa that began in October and ended in June 2014.
In London, Anglo American shares closed Friday's regular trading session at 1,537.00 pence, down 2.00 pence or 0.13% on a volume of 4.33 million shares.
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