At the end of 2014, we could have been forgiven for thinking the mining sector was making a bit of a recovery - all the big operators hit 52-week lows in mid-December, but then started to climb back as we reached the end of the year.
Anglo American (LSE: AAL) is also planning to shed assets in order to remain competitive. Management has earmarked $3bn to $4bn of assets for sale, including coal mines platinum mines in South Africa and copper assets in Chile.
LONDON� Anglo American PLC is set to write down the value of some of its biggest iron-ore and coal-mining assets when it reports results next month, reflecting the toll that slumping commodity prices are taking on the global mining sector.
(Bloomberg) -- Anglo American Plc plans impairments because of low commodity prices even after the company with operations from Australia to Chile raised annual iron-ore production to a four-year high.
The falls were triggered by the World Bank, which has warned that the global economy is currently too reliant on the �single engine� of the US recovery. As a result, the Bank's forecast for global growth in 2015 has been cut from 3.4% to 3%, while its ...