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Glencore International AG

Mining sector in turmoil as Anglo American sheds 85,000 jobs

The decision by a London-based mining company to shed 85,000 jobs is the sign of a global industry in crisis, with conglomerates reassessing their huge operations to cope with a drop in demand from Chinese factories for metals and other raw materials.

Anglo American said Tuesday it will shed some 63 percent of its workforce in a radical restructuring meant to cope with tumbling commodity prices. It will streamline its global business from some 55 mines to around 20.

CEO Mark Cutifani said the drop in commodity prices requires "bolder action," even though the company has delivered on performance and previous business restructuring objectives. He pledged to provide...

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