NGLOY Anglo American PLC (QX)

--Anglo American plans sweeping cost cuts at its South African operations, including mothballing higher-cost platinum mines, which would widen job cuts in the sector, Reuters reports, citing sources familiar with the matter.

--Cost-cutting measures include shelving plans to boost output at Anglo American Platinum's key Mogalakwena mine and place some shafts at the Amandelbult operations on care and maintenance, should the platinum metals prices remain weak, Reuters reports.

--The moves, including a lower output guidance, could be announced at the miner's trading update on Friday, Reuters reports.

--Anglo American declined to comment when contacted by Dow Jones Newswires.

Full story: https://tinyurl.com/34am6rum

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

December 07, 2023 10:14 ET (15:14 GMT)

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