One of the world's biggest mining company Anglo American Plc announced to sell its share in Kumba Iron Ore on Tuesday. The South African multinational company has suffered loss in its full-year performance.
Anglo American Plc
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After crumbling down a year ago for suffering massive losses, Bloom Lake iron ore mine in Quebec finally has a buyer. The losses Bloom Lake incurred shows how the commodity meltdown has adversely affected the metals industry.
Glencore Xtrata PLC, led by its chief executive officer Ivan Glasenberg, will be committing more capital in thermal coal than rivals BHP Billiton Ltd., Rio Tinto Group and Anglo American PLC.
The rights to the Minas-Rio project is the main asset to be sold off by Anglo American as it faces mounting pressure to provide finances for the project.
New Anglo American boss, Mark Cutifani, outlines an aggressive cost-cutting plan to reverse the mining company's poor performance.
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