London, England — MININGREVIEW.COM — 09 December 2008 – Anglo American plc – one of the world’s largest mining companies –will announce the results of the review underway on its capital spending plans for 2009 before Christmas.
Financial agency Fin24.com, attributed this statement to Anglo spokesman James Wyatt-Tilbey, in a reply to speculation by London newspaper the Telegraph that Anglo would announce this week that it intended delaying work on a number of large mining projects around the world, in a move that could affect thousands of jobs.
The Telegraph article quoted a source close to Anglo as saying the group had also begun a global review of all head office and regional office cost structures.
Wyatt-Tilby declined to comment on the specifics of the Telegraph article. He said: “We have said previously that we are conducting a review of all our capital expenditure programmes for next year in the light of the weaker outlook for commodities.
“That was first mentioned by CEO Cynthia Carroll during a seminar on our coal operations held during October for analysts and investors, “he added. “There will be an announcement made either this week or next week.”
According to the Telegraph article, “the overhaul of Anglo’s global operations was discussed at a board meeting in London last week”.
In July, when Anglo released its interim results for the six months to end-June, Carroll said the group had already approved capital projects worth US$15billion (R155 billion), while there was another US$30billion (R310 billion) worth of projects in its pipeline which had not yet been approved.