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Johannesburg - Anglo American will announce the results of the review under way on its capital spending plans for 2009 before Christmas, according to spokesperson James Wyatt-Tilby.
He was replying 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. 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".
The Telegraph added:"Tensions have surfaced in the mining group's boardroom in recent months over the choice of a successor to the chairman, Sir Mark Moody- Stuart.
"Sir John Parker, the leading industrialist, had been offered the post, and was keen to take it on, but his appointment was blocked by South African board members who were keen to see one of their compatriots take the helm."
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 $15bn in total while there was another $30bn worth of projects in its pipeline which had not yet been approved.
She reported the group's capital expenditure had risen to $2bn for the six months to end-June from $1.79bn in the first half of 2007.
- Miningmx.com
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