Tuesday is turning out to be an absolutely savage day for UK-listed mining companies.
Earlier this morning, Anglo American, the biggest platinum producer in the world, announced that it was cutting around 60% of its assets in a massive restructuring, and there are reports that it is also cutting 85,000 jobs. On top of that, Rio Tinto, the Anglo-Australian miner, said that it will cut capital expenditure by more than £670 million ($1 billion) next year.
But things are getting worse, and it looks like the UK’s biggest mining companies are suffering the effects of these two announcements along with the general gloomy nature of the commodities markets today. All Britain’s major mining firms are in the middle of heavy losses in the markets today, and the four biggest fallers on the FTSE100 on Tuesday are all miners.
Anglo American shares fell by as much as 9.5% early this morning, compounding the massive falls they have already seen this year. The company’s stock has fallen by more than 75% in 2015, and is now at record lows. Today’s price has now recovered to a loss of around 8% at 11:15 GMT (06:15 ET).
Glencore is not far behind in terms of the struggle today, and at the time of writing the company’s stock price was down by £0.0696, just more than an 8% fall. It’s one of the world’s largest mining companies, and it is currently a penny stock:
Glencore and Anglo are facing the worst price drops today, but it’s also a bit of a horror show for all the other UK listed miners out there. This is what Rio Tinto shares are doing:
In this is what BHP Biliton’s investors are facing today:
Antofagasta is also down by nearly 5%:
All-in-all, it’s a pretty horrible day for the mining industry so far.
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