Among many radical decisions Anglo will vacate its Georgian terrace headquarters in plush St James’s to move in with its diamond business De Beers on the edge of Smithfield.
The miner will consolidate down from six divisions to just three by merging coal and iron ore into bulk commodities while copper, nickel and platinum become a single industrial metals division.
De Beers remains as the diamond division, and niobium and phosphates have already been put up for sale.
Cutifani said there would be no final dividend this year and no dividend at all next year.
$1bn
The planned reduction Anglo's capital expenditure
He said: “Upon their resumption, the dividend policy will reflect a pay-out ratio to provide flexibility through the cycle and clarity for shareholders.”
Even though the dividend axe had been expected the severity of today’s cutbacks took investors by surprise with Anglo shares dropping 33p, or 9%, to 336p — an all-time low.
Fellow miners lost ground with BHP Billiton, Rio Tinto and Glencore shares all down at least 5%.
