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Anglo American plans 19,000 job cuts

Mining group Anglo American said on Friday it intended to cut 19,000 jobs by the end of the year after reporting a 29-percent fall in 2008 net earnings to 5.2 billion dollars (3.65 billion pounds).

The cuts are part of an economy drive that the group hopes will result in a savings of 2.0 billion dollars a year between now and 2011.

The group in a statement recalled that it had announced in December it would reduce its 2009 investment program by half to 4.5 billion dollars in response to a sharp fall in metals prices brought on by a contraction in the global economy.

Anglo American is a diversified enterprise, producing platinum, coal and base metals such as copper, zinc and nickel.

It also has a 45-percent stake in De Beers, the world's largest diamond company.