Anglo American
The new chief executive of Anglo American has put its $49 million corporate jet up for sale, The Australian reports.
Mark Cutifani is selling the jet as part of the global miner’s efforts to cut costs.
Besides ditching the jet, Cutifani has also launched a top-to-bottom review of Anglo’s global operations ahead of unveiling his plant to turn the company’s fortunes around. The results of that review are to be released next month.
That plan is thought likely to include the closure of several projects in the company’s development pipeline.
Leighton litigation
Leighton Holdings is being sued by embattled Indonesian coal miner Bumi Resources, which claims it halted work in April after claiming it had not been paid in full.
The Financial Times reports that Leighton said it had suspended operations at two Bumi mines in South Kalimantan because of non-payment of “net project receivables”
Bumi hit back, claiming it had paid Leighton Indonesia subsidiary, PT Thiess Contractors Indonesia, in full and that the mining suspension was “wrong, breaks established precedent norms and harms the local economy”
The coal miner already is struggling due to low coal prices, large debts and corporate governance disputes.
It has launched legal action against Leighton in the Queensland Supreme Court.
Finke cuts
A 50% cut in competitor numbers out of Western Australia in the Finke Desert Race is probably one of the most glaring signs that the mining slowdown is biting.
Last year, the gruelling desert race drew 80 competitors from WA. This year it was just 40.
ABC quotes race president Antony Yoffa saying the total number of riders was 50 less than last year, with the bulk of that drop coming out of WA due to the mining downturn.
“The feedback we’re getting form competitors when we’re asking, ‘you came last year, why aren’t you coming this year?’ is that there’s been a bit of a contraction of industry over there and people are just holding on to their money,” he told the broadcaster.
It can cost upwards of $15,000 in equipment to race.
