Anglo American, led by South Africa’s Duncan Wanblad, to restructure operations, reduce jobs

Key Points

• The mining giant plans more job cuts in Johannesburg and London as part of a restructuring drive to streamline operations and boost profitability. 
• Anglo continues divestments, including a planned spin-off of Anglo American Platinum and potential sale or IPO of De Beers.
• The company posted a $3.07 billion net loss, reversing a prior-year profit, as headline earnings plunged nearly 65%.

Anglo American, the mining giant led by South African businessman Duncan Wanblad, is preparing to cut more jobs at its corporate offices in Johannesburg and London as part of an ongoing restructuring effort. The company is shedding assets and gearing up to spin off its platinum division in a push to streamline operations and boost profitability.

Employees who may be affected have been notified, according to sources familiar with the matter who asked not to be named because the plans are not yet public. In response to inquiries, Anglo said, “These changes are part of our broader restructuring efforts, including asset sales and organizational adjustments.” The company added that consultations are still in the early stages, and it is too soon to say how many roles will be affected.

Restructuring drive

Anglo American began a major overhaul in 2023 after fending off a $43 billion takeover bid from rival BHP Group. Since then, it has sold its coking-coal and nickel businesses and is moving ahead with plans to spin off a majority stake in Anglo American Platinum (Amplats) by June.

The company is also exploring options for De Beers, the world’s largest diamond producer, including a possible sale or initial public offering (IPO). “As we divest and separate businesses, some corporate roles will shift to standalone entities like Anglo American Platinum to ensure they can operate independently,” the company said.

Founded in 1917, Anglo American has grown into a diversified mining powerhouse with operations spanning platinum, diamonds, copper, nickel, iron ore, polyhalite, and steelmaking coal. Since Wanblad took over as CEO in April 2022, the focus has been on improving profitability through restructuring, streamlining operations, and selling non-core assets.

The latest job cuts follow previous reductions at the company’s South African corporate office and its iron ore division.

Financial pressures

Anglo American reported a final dividend of $791 million—down 33 percent—as headline earnings plunged 64.94 percent, from $2.5 billion in 2023 to $875 million in 2024. The miner also posted a $3.07 billion net loss, a sharp reversal from a $283 million profit the previous year.

Despite these challenges, Anglo has strengthened its long-term partnership with Botswana, securing a 10-year diamond sales deal through De Beers. The agreement cements a critical supply arrangement that will shape Botswana’s diamond industry for the next decade.