Anglo to cut project costs as Cutifani stresses discipline

Jul 27, 2013 | 01:45 PM | Deepali Sharma

Tags  Anglo American, Mark Cutifani, copper, Deepali Sharma

SINGAPORE — Anglo American Plc could slash spending on new mines by half as chief executive officer Mark Cutifani slammed the company’s underperformance and stressed the need for better cost control.

The London-based miner posted underlying earnings of $1.3 billion for the first half, down 28 percent from the same period last year, due mainly to lower commodity prices and increased unit costs. It was the company’s first financial report since Cutifani took over in April from previous chief executive officer Cynthia Carroll.....

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