Mining News: Anglo American To Shed 85,000 Jobs

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Author	Replies: 3 / Views: 1,909
Joe2007 Pillar of the Community United States 3843 Posts	Posted 12/09/2015 12:35 am Anglo American to shed 85,000 jobs http://money.cnn.com/2015/12/08/new...s/index.html Quote: Global mining giant Anglo American is getting ready to shed about 85,000 jobs as it sells off 60% of its assets over the next few years. The company said it expects employee numbers to shrink to 50,000 from 135,000 as it overhauls its business in response to the collapse in commodity prices. Are we going to see mine closures or are the new owners of these assets going to continue at current production levels? Some commodities analysts are predicting $20 dollar a barrel oil, I wonder if precious metals will follow suit and see further declines as the dollar continues to strengthen. Report this Post to the Staff

macmercury Pillar of the Community United States 5832 Posts	Posted 12/09/2015 08:03 am American companies can't compete with Middle East nations when it comes to cost of oil production, eventually it either will shut down here or slow productions to a haul. Is the US economy really improving that make the dollar have more purchasing power? I don't see it naturally that the US has resolve the problems yet, those unemployment records doesn't account for people that have finished collecting unemployment benefits. Report this Post to the Staff
john100 Pillar of the Community Canada 5324 Posts	Posted 12/09/2015 09:02 am As China's economy slows the commodities literally all crap out. Report this Post to the Staff
yup7676 Pillar of the Community United States 3789 Posts	Posted 12/09/2015 11:47 pm let me just say that wholesale gasoline, RBOB is getting closer and closer to 1.00 a gallon.. tells you all you need about- 1- the continued strong downtrend in most commodities 2- a gasoline glut... which the questions arise, is this because things are slowing down globally or 3- is there just enough supply or refined product to now satisfy world demand and then does that mean... 4- there is no more growth... I dunno... I just follow price action. Report this Post to the Staff
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