Mining giant Anglo American Plc is shrinking its trading operations as part of a restructure unveiled as it fought off a bid from rival BHP Group Ltd. earlier this year.
(Bloomberg) — Mining giant Anglo American Plc is shrinking its trading operations as part of a restructure unveiled as it fought off a bid from rival BHP Group Ltd. earlier this year.
Around 10 people in Anglo American’s London and Singapore offices have left the firm in recent weeks as their roles have been cut, according to people familiar with the matter. The departures include head of metals origination Sebastian Castelli and head of structured origination Mark Sainsbury.
The miner also announced internally that it will no longer enter into long-term deals to buy commodities that it doesn’t already produce, according to the people, who declined to be identified as the matter isn’t public.
By Bloomberg News
Full story at Financial Post.
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