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Anglo American shares slide

Jan 16 2013 10:57 Reuters
AngloGold Ashanti

Amplats miners. (Sapa)

Company Data

KUMBA IRON ORE LIMITED [JSE:KIO]

Last traded 0
Change -5,21
% Change 0
Cumulative volume 139633
Market cap 83.80bn

Last Updated: 26-11-2014 at 04:24. Prices are delayed by 15 minutes. Source: McGregor BFA

Anglo American Plat Ltd [JSE:AMS]

Last traded 0
Change -17,29
% Change 0
Cumulative volume 278026
Market cap 99.00bn

Last Updated: 26-11-2014 at 04:24. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 0
Change 3,34
% Change 0
Cumulative volume 804221
Market cap 326.81bn

Last Updated: 26-11-2014 at 04:24. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Anglo American [JSE:AGL] shares are down 4% in early trade, hit by worker unrest at its platinum mines which analysts warn could hamper an overhaul effort aimed at reversing losses there.

Anglo laid out a blueprint for its Anglo Platinum [JSE:AMS] arm on Monday, but the plan to close two mines and sell one could hit 14 000 jobs, and has been met with resistance from both the government and unions.

Anglo's Kumba Iron Ore [JSE:KIO] unit has separately warned its 2012 profit likely fell by a third, hit by lower prices and an illegal strike. 

"We are of the view that the conclusion of the Anglo Platinum review may leave investors unimpressed, and we think that the discontent of the South African government and other key stakeholders is likely to undermine the magnitude of Anglo Platinum's restructuring," Societe Generale says in a note, downgrading Anglo to sell from hold.

At 08:40 GMT, Anglo shares were down 3.95% at 1,883.5 pence, underperforming a 1.6% drop in the broader mining sector.  

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